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Cognizant fires hardworking employee but court saves him and declares termination as illegal | LayOff and Recession

Cognizant mostly pays only 4LPA avg to most of its employees despite making 4000+ crore profit in Q3 end. It has also come to news that Cognizant has fired 18000 employees calling it a recession despite making so much profit. 

IT services provider Cognizant’s third-quarter net profit jumped 15.6% on efficient pricing and a sharper focus on Digital even as revenue and bookings slipped below expectations on macroeconomic headwinds.

The Teaneck, New Jersey-based software exporter’s net profit was $629 million on quarterly revenue of $4.85 billion, up 5.6% in constant currency terms, the company said.

Cognizant recently fired 20000+ employees : 

In the times of economic hardships , recessions and layoffs , multiple tech companies are finding different reasons for firing employees to reduce the workforce. Recently cognizant fired 20000+ employees (6% of total work force) after background checks 

The technology major discovered an effort to use letters from fraudulent firms to obtain offers

 

 

Similar thing has been done by cognizant . 

After forged documents and fake experience letters led to the layoffs at Accenture India, a similar event has reportedly led to sacking of employees at Cognizant India. As per an ETNow report, Cognizant India has said that it had a 6 per cent involuntary attrition in Q2. 

The numbers of layoffs due to failed background checks and moonlighting have increased over the last few months. As companies resume work-from-office, background checks are increasing, making such incidents more common. 

The report adds that attrition in this sense can be thought of as a euphemism for sacking. Even Cognizant India’s head Rajesh Nambiar said that there was high involuntary attrition due to failed background checks, as per the report. 

Along with faked letters and documentation, other companies including Twitter, Meta, and others have also seen large-scale layoffs. Although corporations have fired workers largely to save costs, this has had an impact on thousands of people who lost their employment quickly.

 

Cognizant Fires Employees For Forging Experiences, Failed Background Checks

Cognizant has revealed that they have had a 6 percent involuntary attrition in the quarter that ended in September. For those unaware, involuntary attrition is just another term for employees leaving due to firing.

Rajesh Nambiar, the company’s head for India, said that high levels of involuntary attrition were caused by inadequate background checks.

As per Nambiar, “They don’t have the right background to continue in that role. We have no tolerance for anyone who doesn’t clear background checks.”

Because of a number of factors, including a delay in recruiting, businesses do not do background checks before onboarding. If they did, it would require screening every applicant who is given a position, including some who don’t even want to work for the organisation. They also avoid such checks because employers seek speedy hires that will reduce candidates’ propensity to look for new employment opportunities.

Due to the COVID-19 pandemic, the entire hiring process has moved online, which has led to an increase in incidents of fraudulent documents and resumes.

 

20000+ freshers of 2020 2021 2022 graduation had applied to cognizant for offcampus hiring as their last hope during the recession and layoffs going on . But Cognizant has sent a mail to all the registered candidates that they dont have demand for freshers. 

The positive point is that registered dont need to register for same GenC role again as cognizant has save all the records of registered students. 

Amid harsh global market conditions, tech giant Cognizant Technologies has reportedly laid off 18000 employees globally, including in India, Guatemala, and the Philippines, who were working on a Microsoft news project, media reports said. 
According to reports, the workers, who were employed by Cognizant's client Microsoft's news outlet MSN, reportedly learned that they had been let go at a town hall meeting last week.
 
The last day of employment is reportedly September 30 for the laid-off employee.
, who will receive severance compensation.
 
Last month, a report said that at least half of the companies worldwide plan to lay off people, with most reducing bonuses and rescinding job offers amid the economic downturn.
As per the latest PwC 'Pulse: Managing business risks in 2022' survey released last month, in the US, 50% of respondents are reducing their overall headcount, even as business leaders remain concerned about hiring and retaining talent.
 
More than 32,000 tech workers have been laid off in the US till July, including at Big Tech companies like Microsoft and Meta (formerly Facebook), and the worst has not been over yet for the tech sector which has seen massive stock sell-off.

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Ravi Kumar S, the new CEO of Cognizant, will be paid Rs 6 crore as sign-on bonus, which will be a part of his yearly compensation of Rs 57 crore. His basic salary will be about $1 million, hat is, about Rs 8,13,57,500. He will also be eligible for a yearly cash incentive of up to $ 2 million. Additionally, he will enjoy stock returns of about $5 million as a one-time hire award.

 

Kumar, who was formerly president, Infosys, will also be part of the board at Cognizant, and be based out of New York. After being successfully associated with Infosys for almost two decades,has stepped into the shoes of Brian Humphries who was the CEO of Cognizant till now. Humphries will stay on at the IT giant till 15 March 2023, as a special advisor.

 

Kumar’s salary will reportedly be four times of what Mukesh Ambani was paid in 2020, which was about Rs 15 crore. It is pertinent to mention here that Ambani has been drawing no salary for the last two years, accepting only a rupee in compensation, considering the weak and uncertain economic conditions / environment.

Having been a scientist with Bhabha Atomic Research Centre for about three years in the initial years of his long and chequered career, Kumar has also worked with big names such as PricewaterhouseCoop...SapientOracle

 

Known to be a compassionate executive leader, strategic thinker and management guru, Kumar is an alumnus of Xavier Institute of Management and Shivaji University.


 

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