<ul><li>In a positive move during tough times, American IT multinational <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword> announced that it will pay 25% more on the base salary for the month of April to its employees in India and the Philippines today, March 27. </li><li>Cognizant said it will pay the additional salary to those up to the Associate level, which is nearly two-thirds of the company’s total workforce in India. </li><li>The IT giant claims to have provided new laptops and encrypting desktops for those working remotely, along with air cards for connectivity.</li></ul>In a positive move during trying times, American IT multinational Cognizant announced that it will pay 25% more on the base salary for the month of April to its employees in India and the Philippines as a <a href="https://economictimes.indiatimes.com/tech/ites/cognizant-to-give-two-thirds-of-employees-25-more-in-base-pay-for-working-in-coronavirus-pandemic/articleshow/74841779.cms">“sign of gratitude”</a> for their consistent efforts even during the pandemic. While several companies have been assuring employees that there will be no impact on their salaries during the lockdown, Cognizant said it will bump wages for those up to the Associate level. That’s almost two-thirds of the company’s 200,000-strong workforce in India. “Despite this turbulence, which affects both you and your families, you have risen to the challenge of serving our clients with empathy, initiative, integrity, and courage — all while supporting and uplifting one another. I am deeply grateful to all of you for your daily acts of heroic leadership,” CEO Brian Humphries told the employees. The company said it will review salaries every month after April, as per the situation. This comes as most of the teams are working from home, across its offices. The IT giant claims to have provided new laptops and encrypting desktops for those working remotely, along with air cards for connectivity — and keeping in mind the security protocols at the same time. “While working from home may amount to a significant shift in behaviour for many of you, please continue to keep up the essential work you do for our clients,” Humphries added. The development comes in the back of the ongoing nationwide lockdown for 21 days. “Our global company has a long history of operating virtually and remotely, and rallying and responding around the clock, wherever needed. We support these and other efforts by governments across the world to “flatten the curve” and contain the spread of COVID-19,” he said. On the other hand, a few large corporates are <a href="https://economictimes.indiatimes.com/jobs/special-leave-to-ensure-isolation-doesnt-hit-pay/articleshow/74681435.cms">protecting employees with its ‘special leave’ policy</a> to ensure that they are paid during the quarantine. Tata Sons Chairman N Chandrasekaran also assured that the company will give away full payments to the daily wage workers for the two months — March and April. Flipkart too said that the isolation period will not impact their salaries. Meanwhile, Bharti Airtel has already<a href="https://economictimes.indiatimes.com/jobs/jobs-and-salaries-safe-despite-disruption-cos-tell-staff/articleshow/74837119.cms?from=mdr"> paid the salaries for March</a>. See also: <a href="https://www.businessinsider.in/business/news/pwc-india-defers-appraisals-and-promotions-freezes-hiring-and-partners-to-take-a-25-pay-cut-but-jobs-are-safe/articleshow/74846185.cms">PwC India defers appraisals and promotions, freezes hiring and partners to take a 25% pay cut – but jobs are safe</a>

Cognizant bumps up wages by 25% for associates as a ‘sign of gratitude’ during Coronavirus lockdown

New Delhi, Mar 27 () IT firm Cognizant on Friday said it will give employees who are at associate level and below in India and the Philippines, an additional payment of 25 per cent of base pay for April, in recognition of their extraordinary continuity-of-service efforts amid the COVID-19 outbreak. The move is expected to benefit over 1,30,000 Cognizant employees in India. Cognizant CEO, Brian Humphries in a note to employees said the additional payment will be processed with their April paychecks, and that the company will be reviewing this approach monthly. Describing the pandemic as one of the biggest shocks to the world in decades, Humphries said that Cognizant, like all global companies, is experiencing the effects of this public health emergency on both the demand and fulfilment sides of its business, from London to Mumbai to Manilla and New York. "Even with all of the preparation and foresight of our crisis management and business continuity teams around the globe, it's hard to imagine that we - or anyone - could have developed a playbook to anticipate the full impact of COVID-19. "Yet despite this turbulence, which affects both you and your families, you have risen to the challenge of serving our clients with empathy, initiative, integrity, and courage - all while supporting and uplifting one another," he said thanking employees for their "daily acts of heroic leadership". Noting the efforts by various nations to contain the spread of the novel coronavirus -- the nationwide 21-day lockdown announced by India, and state of national emergency in the Philippines, Cognizant CEO said, "We support these and other efforts by governments across the world to flatten the curve and contain the spread of COVID-19". "While the pandemic will likely dampen industry demand, we know the requirement for fulfilment remains critical. So we quickly sought to enable work from home to ensure employee health and safety, and to maintain continuity of service for our clients, while absolutely safeguarding their data and protecting access to their systems," he said. The company said that over the past few weeks, it has enabled majority of offshore delivery teams to work from home by provisioning new laptops and encrypting desktops and moving them to employee homes, as well as by providing for additional bandwidth connectivity and other requirements, with client permissions and security protocols in place. "In recognition of the extraordinary continuity-of-service efforts of our associates in India and the Philippines, and as a tangible sign of our gratitude for their perseverance, we will provide those at the associate level and below with an additional payment of 25 per cent of their base pay for the month of April," he said. The company had 2,03,700 employees in India as on December 2019 and two-thirds of them (over 1,30,000 employees) are expected to benefit from the latest move. The company said it is formalising corporate social responsibility commitments to continue to support programs that can help society navigate this difficult period. MBI ANSANS

Cognizant to give two-third of India staff 25 pc extra payment over base salary for April

<keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword> on Wednesday announced that <keyword id="213419" type="PERSON" weightage="20" keywordseo="Rajesh-Nambiar">Rajesh Nambiar</keyword> has been appointed as the Chairman and Managing Director of India and a member of Cognizant's Executive Committee effective November 9, 2020. Nambiar is a global citizen, having lived and worked in India, Asia Pacific, Europe, and the U.S. His extensive general management, commercial, and delivery experience includes more than a dozen years with <keyword id="10875" type="CITY" weightage="20" keywordseo="IBM">IBM</keyword> and 18 years with Tata Consultancy Services. At IBM, Nambiar was the General Manager and Global Leader for IBM's Application Services Business, with oversight of an $8 billion global P&amp;L. He also served on the board of IBM India and as a member of The National Association of Software and Service Companies (<keyword id="6372077" type="ORGANIZATION" weightage="20" keywordseo="nasscom">NASSCOM</keyword>) Executive Council while at IBM. He joins Cognizant from Ciena, a networking, systems, and software company, where he currently serves as Chairman and President of Ciena, India. "We are pleased to welcome Rajesh to Cognizant and our Executive Committee," said Brian Humphries, CEO, Cognizant. "In the repositioned and elevated role of the India Chairman and Managing Director, Rajesh will strengthen our brand positioning in India and enhance our relationships with relevant Indian government agencies, chambers of commerce, universities, the media, and key policy-making bodies, including NASSCOM. Rajesh will also serve as the Executive Committee representative of our nearly 200,000 associates in India. We are confident that his extensive industry and leadership experience will provide further momentum to our operations in India, which is a critical hub of Cognizant's leading-edge delivery capabilities." "I am honoured to be part of Cognizant and look forward to contributing to the company's growth as a member of the Executive Committee. Cognizant's technology and delivery capabilities in India provide an immense competitive advantage to the company and its clients," added Nambiar. "My priority is to build upon Cognizant's rich legacy of innovation, industry leadership, and client-centric employee culture to help the company engineer modern businesses that improve everyday life." SEE ALSO: <a href="https://www.businessinsider.in/science/space/news/building-blocks-of-life-discovered-in-titans-atmosphere-nasa-discovers-a-weird-molecule-on-saturns-largest-moon/articleshow/78909286.cms">Building blocks of life discovered in Titan’s atmosphere — NASA discovers a ‘weird’ molecule on Saturn’s largest moon</a> <a href="https://www.businessinsider.in/finance/banks/news/ajay-piramal-believes-that-if-banks-wont-lend-to-long-term-projects-india-will-need-to-revive-the-likes-of-idbi-and-ifci/articleshow/78906135.cms">EXCLUSIVE: Ajay Piramal believes that if banks won't lend to long-term projects, India will need to revive the likes of IDBI and IFCI</a> <a href="https://www.businessinsider.in/science/space/news/apophis-the-god-of-chaos-asteroid-is-speeding-up-increasing-the-likelihood-of-it-hitting-earth-in-2068/articleshow/78895818.cms">Apophis, the ‘God of Chaos’ asteroid is speeding up — increasing the likelihood of it hitting Earth in 2068</a>

Rajesh Nambiar appointed as Cognizant's new India MD & Chairman

<ul><li>The Indian government wants WhatsApp to have the capability to trace messages back to their origins. </li><li>Facebook just unveiled its new cryptocurrency, Libra, to the rest of the world. </li><li>Cognizant, a global tech company, just acquired its first company under the new leadership of its CEO, Brian Humphries. </li><li>Microsoft has brought out transliteration keyboards in 10 Indian languages as a part of its May 2019 update of Windows 10.</li><li>Nubia's new phone, the Red Magic 3, is the cheapest gaming smartphone to launch in India yet. </li><li>TikTok has brought out a new safety feature will let users log out of their devices if their computer or phones is stolen or lost.</li><li>India's second mission to the moon, Chandrayaan-2, is set to break new records </li><li>Mukesh Ambani's Reliance Jio scores another win against Vodafone Idea and Airtel with a fine of ₹30.5 billion.</li></ul> This Tech Insider’s daily dose of <keyword id="35609" type="PERSON" weightage="20" keywordseo="tech-news">tech news</keyword> — everything that’s happening in tech that you need to know about today from Business Insider and its partner publications:

Today's tech wrap: Breaking WhatsApp's encryption, Facebook's cryptocurrency unveiled and India's cheapest gaming phone

New Delhi, Apr 9 () IT services major Cognizant on Thursday said it is withdrawing its growth forecast for 2020 given the uncertainty in environment amid the coronavirus outbreak. The US-based company, which has over two lakh employees in India, said it expects its March quarter revenue to be within its previously guided range of 3.4-3.6 per cent growth (in constant currency) from the year-ago period. "The long-term fundamentals of our business remain strong. However, given the unprecedented nature of this crisis, uncertainty around its duration and its impact on our ability to forecast performance, the company is withdrawing its 2020 guidance that was provided on February 5, 2020," Cognizant said in a statement. Cognizant will announce its first quarter financial results on May 7. For 2020, Cognizant had said it expects its revenue growth to be in the range of 2-4 per cent in constant currency. The company said that entering the second quarter, it expects the pandemic to further reduce client demand as its societal and economic impact causes broader disruptions across industries. "We acted decisively to limit COVID-19's impact on our business, including rapidly enabling work-from-home capabilities across our delivery teams. We will continue to take steps to protect our associates and support the evolving needs of clients in today's environment," Cognizant Chief Executive Officer Brian Humphries said. Cognizant noted that its financial performance in the months of January and February was "on track to exceed previous guidance", driven by strong performance across the North America market. During the latter part of March, COVID-19 increasingly affected Cognizant's business, it added. This was largely due to delays in project fulfilment as delivery, particularly in India and the Philippines, shifted to work-from-home, and there was reduced client demand, primarily in the travel and hospitality industries, the company said. Cognizant had previously said its employees in India and the Philippines, who are at associate level and below, will receive an additional payment of 25 per cent of their base pay for April. The move is expected to benefit over 1.30 lakh Cognizant employees in India. Additionally, Cognizant has standardised 14 days sick-leave coverage globally for COVID-19 cases or self-quarantine without impacting other sick leave or vacation programs. SR HRS

COVID-19: Cognizant withdraws 2020 growth forecast amid uncertainty on coronavirus impact

<ul><li>Technology major <keyword id="28721" type="COMPANY" weightage="20" keywordseo="Cognizant">Cognizant</keyword> is hiring 500 sales professionals, skilled in digital technologies. </li><li>This would include sales staff at <keyword id="10875" type="COMPANY" weightage="20" keywordseo="IBM">IBM</keyword>, TCS, Infosys, Wipro and Tech Mahindra. </li><li>According to Cognizant’s website, there are over 80 job openings in the sales and marketing domain.</li></ul>Technology major Cognizant is hiring 500 sales professionals who are skilled in digital technologies. Cognizant CEO Brian Humphries recently said that they are analysing hiring trends. In fact, the company is looking to poach from TCS, IBM, Infosys and Wipro. “This would include sales staff at IBM disillusioned with the changes at that firm, and also from the likes of TCS, Infosys, Wipro and Tech Mahindra who want to increase earning potential and want a new challenge,” Phil Fersht, chief executive officer, HfS Research <a href="https://m.economictimes.com/tech/ites/cognizants-aggressive-hunt-for-sales-executives-may-set-off-a-talent-war/amp_articleshow/70953335.cms">told </a>ET. According to Cognizant’s website, there are over 80 job openings in the sales and marketing domain. This move is surprising as the company has been <a href="https://www.businessinsider.in/cognizant-may-layoff-hundreds-of-employees-sitting-on-the-bench/articleshow/70696484.cms">laying off its staff</a>. The IT giant has been cutting its mid and senior level talent pool to cut costs. At the same time, it is trying to boost revenues by tightening travel budgets, and increasing variable pay. Cognizant also introduced a ‘<a href="https://www.businessinsider.in/cognizant-begins-voluntary-separation-program-for-senior-staff-report/articleshow/69515809.cms">voluntary separation scheme</a>’ for senior executives. Under this, it offers 12-month salary and stock benefits depending on the employee’s tenure in the organisation. According to a report titled ‘<a href="https://www.businessinsider.in/a-survey-of-sales-professionals-shows-trust-is-as-important-as-tech/articleshow/70263159.cms">The State of Sales 2019 - India Report</a>’ released by LinkedIn, sales professionals are now adopting modern and digital selling tactics. In fact, most new employees spend time on sales technology. This includes using cloud-based software to enhance efficiency by automating tiresome tasks. See also: <a href="https://www.businessinsider.in/infosys-is-hiring-18000-freshers-from-campus-placements/articleshow/70223097.cms">After TCS, Infosys on a hiring spree — plans to add 18,000 freshers via campus placements</a> <a href="https://www.businessinsider.in/tcs-has-36-women-employees-in-the-workforce/articleshow/70190643.cms">TCS is running on women power, with over 150,000 permanent employees</a> <a href="https://www.businessinsider.in/tcs-plans-to-hire-18000-freshers-in-next-3-months/articleshow/70146189.cms">TCS to add 18,000 freshers in the next three months</a>

Cognizant will hire 500 sales staff and looks to poach ‘disillusioned’ IBM employees

<ul><li>The low-cost airline announced that the cuts will be in effect for three months starting May. </li><li>CEO Ronojoy Dutta said that the cuts will range from 1.5-5 days depending on the employee group. </li><li>The company has paid full salaries to employees in March and April, PTI reported.</li></ul>Airlines have been the worst-hit by the Coronavirus pandemic as both domestic and international travel has come to a halt due to closed borders. Indian low-cost airline <keyword id="6354706" type="DEFINITION" weightage="20" keywordseo="IndiGo">IndiGo</keyword> today said that it will implement leave without pay for three months.<a href="https://twitter.com/PTI_News/status/1258617374510510080?s=20"> According to</a> PTI, CEO Ronojoy Dutta says that the company will now need to implement pay cuts for senior employees, starting this month. "No option but to implement pay-cuts from the month of May. We have to implement a limited, graded leave without pay program for May, June &amp; July. Leave without pay will range from 1.5-5 days depending on the employee group. Level A employees, who form a majority of our workforce will not be impacted,” Dutta <a href="https://www.moneycontrol.com/news/business/companies/indigo-to-cut-salaries-through-leave-without-pay-programme-for-three-months-starting-may-5239811.html" data-type="tilCustomLink">said</a>. The company paid full salaries to employees in March and April, according to the report. This comes after IndiGo said that they would trim the employee salaries by 25%, starting next month — including CEO Ronojoy Dutta — stating ‘precipitous drop in revenues.’ Salaries account for <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/indigo-announces-pay-cut-for-all-employees-ceo-to-take-25-reduction/articleshow/74708383.cms">over 10% of the total expenses</a> for IndiGo — which spent ₹3,210 crore on paychecks last financial year. IndiGo, India’s largest airline, had reported a 15-20% decline in daily bookings even before the lockdown had come into effect, chief executive for aviation consultancy CAPA India <a href="https://economictimes.indiatimes.com/news/economy/policy/how-different-sectors-of-the-economy-are-bearing-the-brunt-of-the-coronavirus-outbreak/articleshow/74630297.cms?from=mdr">told</a> ET on March 14. IndiGo is not alone. GoAir and <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">Spicejet</keyword> have also cut the employee salaries across roles for the month of March — including the chairman. Spicejet announced that it would cut 10%-30% of the salary of employees across roles in March. The airline also said that the pay cut applies to the Chairman Ajay Singh also, who will take 30% less pay for the month. Meanwhile, GoAir too said that it will cut salaries across levels which said it had no other option. It also said the airline was planning a 20% pay cut for employees in a staggered manner. Recently, the Indian aviation regulator Directorate General of Civil Aviation (DGCA) extended the validity of pilots’ licences that were up for renewal in the next 90 days as the lockdown has suspended the training of the flight crew. The validity of medical assessment certificates, aircraft rating certificates, skill test certificates has also been extended. See also: <a href="https://www.businessinsider.in/policy/economy/news/moodys-warns-that-india-government-debt-may-rise-sharply/articleshow/75616605.cms">India’s government debt could mount to 81% of GDP by 2024 even at the pre-COVID rate of growth, warns Moody’s</a> <a href="https://www.businessinsider.in/business/news/cognizant-q1-net-falls-16-7-pc-to-usd-367-mn-sees-challenging-demand-environment-in-2020/articleshow/75616476.cms">Cognizant CEO Brian Humphries warns of a tough 2020— plans to hire 20,000 freshers this year</a> <a href="https://www.businessinsider.in/policy/economy/news/public-sector-banks-sanction-loans-worth-5-6-lakh-crore-in-march-and-april-says-finance-minister-sitharaman/articleshow/75616699.cms">Public sector banks sanction loans worth ₹5.6 lakh crore in March and April, says Finance Minister Sitharaman</a>

After GoAir and SpiceJet, IndiGo cuts salaries for employees ⁠— CEO says there was ‘no other option’

<ul><li>Moody's Investors Service said India’s Baa2 negative rating is unlikely to improve given the economic shock triggered by the coronavirus outbreak. </li><li>However, the report noted that the COVID-19 crisis has only exacerbated the impact of some of India’s existing evils. </li><li>The $2.7 trillion economy, the seventh largest in the world, is riddled by low household income, high government debt, and weak policy reforms and implementation.</li></ul>Moody's Investors Service said India’s Baa2 negative rating ⁠— while cutting growth estimate for the year to 0.2% ⁠— down from our previous forecast of 2.5%. is unlikely to improve given the economic shock triggered by the coronavirus outbreak. Over the next five years, India’s government debt could be as high as 81% of the country’s gross domestic product, it said. However, the report noted that the COVID-19 crisis has only exacerbated the impact of some of India’s existing evils. The world’s largest democracy is riddled by low household income, high government debt, and weak policy reforms and implementation. At about 72% of estimated 2019 GDP, India's general government debt burden is 53% higher than the median countries with similar rating. What makes it worse is that nearly a quarter of the government’s revenue goes into paying interest on debt. “Under average nominal GDP growth of 9.8%, which we project as the medium-term baseline for the three years through the fiscal year ending March 2024 (fiscal 2023), we expect debt to stabilize at around 81% of GDP,” the report said. The 9.8% nominal growth assumed by Moody’s was the rate at which India grew before the coronavirus struck. If the recovery takes longer, the debt may rise even further. Coronavirus just increased the risk from existing flaws The rural stress and rising joblessness reflect the declining quality of India’s economic growth has declined in recent years. “India's per-capita income increased to about $7,900 on a purchasing power parity basis in 2018, from around $3,600 in 2007, but still much lower than the Baa-rated median of $25,675. Such low incomes limit households' capacity to absorb shocks, whether domestic, external or weather-related,” the Moody’s report said. India’s large low-income population may struggle to withstand COVID-19 crisis and that may lead to more bad loans. And that, in turn, will further weaken India’s already fragile banking system. The government revenue, which is about 21% of GDP, will fall and debt will rise in the coming years, is the rationale for Moody’s take. The sharp fall in oil prices, and the huge stash of dollars lying with the Reserve Bank of India may soften the blow. SEE ALSO: <a href="https://www.businessinsider.in/business/news/icici-bank-share-price-down-as-covid-19-increases-bad-loan-risk-to-hit-in-q4/articleshow/75615861.cms" data-type="tilCustomLink" target="_blank">ICICI Bank’s earnings on May 9 will reveal the level of economic damage caused by COVID-19 at the level of small borrowers</a> <a href="https://www.businessinsider.in/business/news/cognizant-q1-net-falls-16-7-pc-to-usd-367-mn-sees-challenging-demand-environment-in-2020/articleshow/75616476.cms" data-type="tilCustomLink" target="_blank">Cognizant CEO Brian Humphries warns of a tough 2020— plans to hire 20,000 freshers this year</a> <a href="https://www.businessinsider.in/finance/news/india-inx-all-set-to-launch-inr-usd-futures-and-options-contracts-heres-what-it-means-and-why-its-important/articleshow/75616009.cms" data-type="tilCustomLink" target="_blank">India INX all set to launch INR-USD futures and options contracts – here’s what it means and why it’s important</a>

India’s government debt could mount to 81% of GDP by 2024 even at the pre-COVID rate of growth, warns Moody’s

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Associated PressFacebook CEO Mark Zuckerberg.</div></div></div><ul class="summary-list"><li>Cognizant, a professional services firm whose employees moderate <a href="https://businessinsider.com/category/facebook">Facebook</a> content, will end its services next year.</li><li>Employees tasked with moderating Facebook content reportedly worked under nightmarish conditions exposed by a series of investigations <a href="https://www.theverge.com/2019/2/25/18229714/cognizant-facebook-content-moderator-interviews-trauma-working-conditions-arizona">published by The Verge earlier this year</a>.</li><li>According to the investigations, content moderators were expected to sift through graphic violence, hate speech, and sexually explicit posts for $15 per hour, and many said they suffered psychologically. </li><li>Cognizant is just one of many third-party contractors across the US who <a href="https://www.businessinsider.com/mark-zuckerberg-sheryl-sandberg-facebook-cognizant-content-moderation-center-2019-6">moderate content for Facebook</a>. </li><li><a href="https://businessinsider.com">Visit Business Insider's homepage for more stories.</a></li></ul>Cognizant, a firm that Facebook pays to moderate content on the social media platform, will cut its content moderation services next year, Facebook confirmed Thursday morning.A series of investigations published by <a href="https://www.theverge.com/2019/2/25/18229714/cognizant-facebook-content-moderator-interviews-trauma-working-conditions-arizona">The Verge</a> and the <a href="https://www.tampabay.com/narratives/2019/08/21/these-tampa-workers-see-disturbing-facebook-posts-so-you-dont-but-it-takes-a-toll/">Tampa Bay Times</a> earlier this year uncovered the brutal working conditions that Cognizant employees faced at content moderation centers in Tampa and Phoenix. Employees were reportedly paid $15 per hour to sift through depictions of graphic sex and disturbing violence uploaded to Facebook, which many said was psychologically traumatic.In addition, working conditions at the content moderation centers were reportedly dismal, with reports of rampant sexual harassment and stressful productivity requirements. According to The Verge's report, employees turned to doing drugs on the job just to cope with the stress.Facebook confirmed that Cognizant is ending its contract in a statement to Business Insider. The social network said it will increase the number of content moderators working at a review site in Texas operated by Genpact, a different contractor. "We respect Cognizant's decision to exit some of its content review services for social media platforms. Their content reviewers have been invaluable in keeping our platforms safe - and we'll work with our partners during this transition to ensure there's no impact on our ability to review content and keep people safe," Arun Chandra, Facebook's vice president of scaled operations, said in a statement.Cognizant's withdrawal from moderating Facebook content will result in approximately 6,000 jobs being cut, according to <a href="https://www.reuters.com/article/us-cognizant-tech-results/facebook-contractor-cognizant-to-exit-content-moderation-business-idUSKBN1X92HL">Reuters</a>.A Cognizant spokesperson was not immediately available to respond to Business Insider's request for comment. In an email to employees obtained by the <a href="https://www.tampabay.com/news/2019/10/31/cognizant-ending-content-moderation-for-facebook-may-cut-tampa-jobs/">Tampa Bay Times</a>, CEO Brian Humphries wrote that Cognizant "determined that this subset of work is not in line with the company's strategic vision." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/watch-google-pixel-4-event-in-12-minutes-2019-10">Watch Google's Pixel 4 event in 12 minutes</a></h3> <div> </div> </div>

The company behind Facebook's nightmarish moderation center in Florida has canceled its contract with the social network

New Delhi, Feb 6 () IT major Cognizant on Thursday posted an over 39 per cent decline in net profit at USD 395 million for the December 2019 quarter on account of factors like restructuring charges and said it expects topline in 2020 to grow by 2-4 per cent.The company also announced that its co-founder and vice chairman Francisco D'Souza will leave the board effective March 31, 2020. Besides, former managing director and CEO of Britannia Industries Vinita Bali has been appointed as a new independent director effective February 24, 2020.The US-based company, which has a significant chunk of its workforce in India, had posted a net profit of USD 648 million in the October-December 2018 quarter.Its revenue grew 3.8 per cent to USD 4.3 billion during the quarter under review from USD 4.1 billion in the year-ago period. In constant currency terms, this translated to 4.2 per cent growth. "Our steady progress against key initiatives is increasingly evident in our commercial and financial performance. We enter 2020 with renewed vigour and optimism," Cognizant Chief Executive Officer Brian Humphries said. He added that Cognizant is doubling investment in Cognizant Academy in 2020 to reskill and redeploy talent towards its digital imperatives.The company believes it needs to hire or reskill about 25,000 resources in 2020 and has begun to operationalise on this, he noted.For the full year, its net profit was down per cent to USD 1.8 million, while revenue was higher by 4.1 per cent to USD 16.8 billion in 2019 compared to the previous fiscal.Cognizant said it expects its March quarter revenue growth to be in the range of 2.8-3.8 per cent in constant currency, which includes a negative 60 basis points impact from the exit of certain content services business announced last year.For 2020, revenue growth is estimated to be in the range of 2-4 per cent in constant currency, taking into estimate a negative 110 basis points impact from the exit. "Our operating performance and strong free cash flows in the fourth quarter reflect the actions taken throughout 2019 to improve our cost structure and instill greater operating discipline across the company," Cognizant CFO Karen McLoughlin said. The 2020 outlook reflects the company's commitment to further improve cost structure to fund investments in growth."We are executing a balanced capital deployment strategy that is focused on reaccelerating topline growth through strategic acquisitions and other investments while returning capital to shareholders," she said. In October, Cognizant had announced plans to slash up to 7,000 jobs in the next few months as part of cost-reduction efforts. It had also said it would partially exit from content operations business and the move would impact another 6,000 jobs.During the December 2019 quarter, Cognizant incurred USD 53 million in realignment charges, including USD 4 million in employee separation costs, USD 27 million in employee retention costs and USD 22 million in third-party realignment costs.For the year, it incurred USD 169 million of realignment charges that include USD 64 million of employee separation costs, USD 22 million of costs associated with CEO transition and the departure of the president, USD 45 million of employee retention costs and USD 38 million in third-party realignment costs.Also, during the three months and year ended December 31, 2019, Cognizant incurred USD 48 million in restructuring charges, as part of its 2020 Fit for Growth Plan, that included USD 45 million in employee separation costs, USD 2 million in employee retention costs and USD 1 million in third party costs.The charges included USD 5 million of costs incurred in 2019 related to the company's exit from certain content-related services. On D'Souza's exit from the Board, Cognizant Chairman of the Board Michael Patsalos-Fox said as a key architect of Cognizant, Frank had helped lead the company through a quarter-century of remarkable growth and success. "He leaves a powerful and unforgettable legacy as a global thinker, mentor, builder, and champion of initiatives that improve lives in our communities," he added. D'Souza was elected to Cognizant's Board of Directors in January 2007 and served as Vice Chairman since June 2018. He had co-founded Cognizant in 1994 and served as the company's CEO from January 2007 through March 2019. In addition to his tenure as CEO, he also served as President from 2007 to 2012 and held a variety of senior management positions, including Chief Operating Officer, from 2003 to 2006."Frank has been an extraordinary leader. He deserves enormous recognition for his achievements at Cognizant. On a personal level, I am fortunate to have him as a trusted confidant and sounding board," Humphries said. SR MKJ

Cognizant Dec qtr net profit falls 39%; Francisco D'Souza to step down from board

<ul><li><keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword> is said to have identified senior employees including directors and above who are going to be part of its ‘voluntary separation package’. </li><li>The package is likely to offer a year’s salary and some other benefits. </li></ul>US-listed IT major Cognizant will reportedly soon roll out ‘voluntary separation” packages for certain senior staff, the Times of India <a href="https://timesofindia.indiatimes.com/business/india-business/cognizant-begins-to-rationalise-top-deck/articleshow/69510960.cms">reported</a>. The packages are intended to save annual costs and help the company increase revenue. Earlier this month, Cognizant hinted at job cuts while announcing a “<a href="https://www.businessinsider.in/cognizant-hints-at-more-job-cuts-while-outgoing-execs-may-take-25-million/articleshow/69197259.cms">realignment program</a>.” “As part of our realignment program, management is currently evaluating various strategies, including additional employee separation programs. The timing, nature and magnitude of these initiatives are not finalized at this time,” said the company at the time. Under the separation program, the company will further “rationalise senior executives holding the title of director including assistant vice president and vice president,” according to the TOI report. The package will likely include the offer of 12 months salary and stock benefits depending on the tenure of the employee. The executives will also be offered an outplacement service following counselling. Cognizant had 281,600 employees worldwide in 2018 and a large chunk of its total employees (nearly 194,700) works in South Asia country. It is estimated that the company has already identified the executives - who are going to be the part of voluntary separation — from India, the US and other geographies. However, it is yet to disclose the number of employees who will be part of the programme. According to reports, the company’s newly appointed CEO Brian Humphries is looking to ‘strengthen execution and improve cost structure’ after the company revealed its Q1 earnings earlier this month. It had slashed down its growth target to 5%, down from 20% for this year. Its first-quarter earnings of 2019 stood at $4.11 billion. The net income was $441 million compared to $520 million in the year-ago quarter. The most recent move comes two years after it laid off 400 staff. In <a href="https://timesofindia.indiatimes.com/business/india-business/400-executives-accept-cognizants-voluntary-separation-package/articleshow/59940909.cms">2017</a>, over 400 senior Cognizant employees had accepted the company’s voluntary separation package, which had helped the company save $60 million. See also: <a href="https://www.businessinsider.in/cognizant-hints-at-more-job-cuts-while-outgoing-execs-may-take-25-million/articleshow/69197259.cms">Cognizant hints at more job cuts while outgoing execs may take $25 million</a>

Cognizant begins ‘voluntary separation’ program for senior staff: Report

<ul><li>Technology majors Cognizant and Capgemini are hiring as many as 35,000 campus freshers this year. </li><li>Capgemini said it will hire 15,000 students from Indian universities, who will join the company next year at an average salary of ₹3.8 lakh. </li><li>Cognizant is looking to hire over 20,000 ‘digitally-skilled’ graduates in 2020 — increasing the average compensation for campus freshers to ₹400,000 per annum. </li><li>The two multinationals are also reskilling their employees to grow their digital businesses.</li></ul>After massive structural rejig with layoffs and reskilling initiatives last year, two technology majors with heavy presence in India — Cognizant and Capgemini — are hiring as many as 35,000 campus freshers this year. French multinational Capgemini is planning to hire as many as 15,000 students from Indian universities in 2020-21. These graduates will join the company next year at an average salary of ₹3.8 lakh per annum. However, for those hired from top tier IITs and NITs, salaries can go as high as ₹6.5 lakh. They will also account for nearly 10% of the total hires. “The net headcount in India has continued to grow well with strong hiring year-on-year and our perspectives for 2020 look good too. Globally, we also continue to increase our overall headcount by 5.1% year on year,” Capgemini said last year when it laid off over 500 employees. Meanwhile, Cognizant too is back to sprucing up its employee base. It is looking to hire over 20,000 digitally-skilled graduates in 2020. It also increased the average compensation for campus freshers to ₹4 lakh per annum. This is an 18% surge from last year’s campus salaries. “We continue to be a net hirer of engineering, science, management and other graduates as well as experienced professionals. With more and more students in campuses becoming digitally ready, we have announced a 30% increase in our hiring of engineering and science students for 2020,” the company spokesperson said. Focus remains on <keyword id="4576053" type="PERSON" weightage="20" keywordseo="Reskilling-employees">reskilling employees</keyword> These multinationals which have laid off employees last year and are back to hiring - indicates a growing trend to employ those with digital skills. Digital technologies, including cloud services comprise over 50% of Capgemini’s growth. While for Cognizant, the digital revenue has been growing by more than 20% year-on-year. Young engineers could be partly ready to take on digital roles as they learn new age skills for cloud, IoT. Others are also easier to train, helping companies expand their digital employee base. These IT majors are are also actively reskilling their employees. “We have 1,800 certified consultants, while our nearest competitor in India is 500. The focus is on continued skilling. On average, we are reskilling 60,000-plus employees,” Ashwin Yardi, CEO of Capgemini India <a href="https://timesofindia.indiatimes.com/business/india-business/capgemini-india-to-hire-over-12000-freshers-this-year/articleshow/74128213.cms">told</a> the Times of India. The company claims to have reskilled over 51,000 people in 2019 so far — on emerging technologies like cloud, devOps, and big data. Cognizant is also <a href="https://www.businessinsider.in/careers/news/cognizant-and-capgemini-are-taking-steps-to-reskill-over-60000-employees/articleshow/72154055.cms">doing the same</a>. We have doubled our investment in Cognizant Academy in 2020. To accelerate our digital momentum, we believe we need to hire or reskill approximately 25,000 resources in 2020, and we have started to operationalise this," Brian Humphries, CEO of Cognizant said. 
	<div type="twitter" handle="Capgemini" handlename="Capgemini" image="http://pbs.twimg.com/profile_images/1211971586204393473/peuCq7w7_normal.jpg" favoritecount="5" retweetcount="2" status="FY 2019 highlight: Digital and Cloud now account for over 50% of the Group’s activities, with growth exceeding 20%… https://t.co/wr1DwghUhw" createdat="1581669011000" id="1228234970033901573"></div>



 See also: <a href="https://www.businessinsider.in/careers/news/cognizant-to-hire-20000-digitally-ready-freshers-with-higher-starting-salaries-of-4-lakh-per-annum/articleshow/74075931.cms">Cognizant to hire 20,000 ‘digitally ready’ freshers — with higher starting salaries of ₹4 lakh per annum</a> <a href="https://www.businessinsider.in/careers/news/cognizant-and-capgemini-are-taking-steps-to-reskill-over-60000-employees/articleshow/72154055.cms">Learn or leave — tech majors are either reskilling employees or slashing jobs</a> <a href="https://www.businessinsider.in/careers/news/benching-firing-and-re-deploying-the-story-of-20000-employees-at-tech-majors/articleshow/71934414.cms">Benching, firing and re-deploying — the story of 20,000 employees at tech majors</a>

Cognizant and Capgemini are looking to hire 35,000 fresh engineers

New Delhi, Feb 6 () IT major Cognizant on Thursday reported over 39 per cent decline in net profit at USD 395 million for December 2019 quarter on account of factors like restructuring charges, and said it expects its topline to grow by 2-4 per cent in 2020. The company also appointed Vinita Bali, former managing director and chief executive officer of Britannia Industries, as a new independent director, effective February 24, 2020. The US-based company, which has a significant chunk of its workforce in India, had posted a net profit of USD 648 million in October-December 2018 quarter. Its revenue grew 3.8 per cent to USD 4.3 billion during the quarter under review from USD 4.1 billion in the year-ago period. In constant currency terms, this translated to 4.2 per cent growth. "Our steady progress against key initiatives is increasingly evident in our commercial and financial performance. We enter 2020 with renewed vigor and optimism," Cognizant Chief Executive Officer Brian Humphries said. For the full year (2019), the company's net profit was down 12.38 per cent to USD 1.8 billion, while revenue was 4.1 per cent higher at USD 16.8 billion as compared with the previous fiscal. Cognizant said it expects its March quarter revenue growth to be in the range of 2.8-3.8 per cent in constant currency, which includes a negative 60 basis points impact from the exit of certain content services business announced last year. For 2020, revenue growth is estimated to be in the range of 2-4 per cent in constant currency, taking into estimate a negative 110 basis points impact from the exit. "Our operating performance and strong free cash flows in the fourth quarter reflect the actions taken throughout 2019 to improve our cost structure and instill greater operating discipline across the company," Cognizant CFO Karen McLoughlin said. The 2020 outlook reflects the company's commitment to further improve cost structure to fund investments in growth. "We are executing a balanced capital deployment strategy that is focused on reaccelerating top-line growth through strategic acquisitions and other investments while returning capital to shareholders," she said. In October, Cognizant had announced plans to slash up to 7,000 jobs in the next few months as part of cost reduction efforts. It had also said it would partially exit from content operations business and the move would impact another 6,000 jobs. During the December 2019 quarter, Cognizant incurred USD 53 million in realignment charges, including USD 4 million in employee separation costs, USD 27 million in employee retention costs and USD 22 million in third-party realignment costs, it said in a statement. For the year, it incurred USD 169 million in realignment charges that include USD 64 million of employee separation costs, USD 22 million of costs associated with CEO transition and the departure of the president, USD 45 million of employee retention costs and USD 38 million in third-party realignment costs. During the three months ended December 31, 2019, Cognizant incurred USD 48 million in restructuring charges as part of its 2020 Fit for Growth Plan, that included USD 45 million in employee separation costs, USD 2 million in employee retention costs and USD 1 million in third party costs, it said. The charges included USD 5 million of costs incurred in 2019 related to the company's exit from certain content-related services. SR RVK

Cognizant net profit falls 39 pc to USD 395 mn in Oct-Dec, expects 2-4 pc revenue growth in 2020

<div class="image-container display-table float_right"><div><div class="image">Paige Cooperstein/Business InsiderSharon Louden (left) with a handful of contributing artists to "Living and Sustaining a Creative Life"</div></div></div>Contemporary artist <a href="http://sharonlouden.com/">Sharon Louden</a> graduated with her MFA from Yale in 1991 with $115,000 worth of debt.
She has since settled all her student loans by selling her own <keyword id="1105" type="PERSON" weightage="60" keywordseo="art">art</keyword> work, but it wasn't easy. As a professional artist, there was no roadmap to follow as she tried to pursue her craft and keep a roof over her head. 
Enter "<a href="http://www.amazon.com/Living-Sustaining-Creative-Life-Working/dp/178320012X/ref=sr_1_1?ie=UTF8&amp;qid=1383834323&amp;sr=8-1&amp;keywords=living+and+sustaining+a+creative+life">Living and Sustaining a Creative Life</a>," the book Louden edited featuring candid essays by 40 working artists on how they make a living.
"Artists used to come up under other famous artists," <a href="http://www.efanyc.org/">EFA Studios</a> director <a href="http://www.eharrisgallery.com/carroll.html">Bill Carroll</a> said at this week's book release event at <a href="http://www.morganlehmangallery.com/">Morgan Lehman Gallery</a> in Chelsea. "Reubens wasn't just teaching you how to paint, but how to get commissions and work with clients."
That kind of commercial talk is largely absent in today's art curriculum. Dozens of MFA students are pushed into the real world without a clue as to how to sell their work and themselves. 
"It feels kind of like bathroom talk," contributing artist <a href="http://davidhumphreynyc.com/art/">David Humphry</a> said of the business side of art. "It's very intimate." 
<div class="image-container display-table float_left"><div><div class="image">Courtesy of Sharon LoudenThe cover of the book Louden edited featuring 40 candid essays about how artists make a living</div></div></div>
The contributing artists shared their stories of doing everything from teaching and painting houses to working Craigslist jobs and investing in real estate to sustain their creative practices.
<h3>1. Network with artists, writers, and buyers</h3>
As uncomfortable as it may be for an artist to leave the sanctity of the studio, nothing gets sold without interacting with writers who will bring attention to the art, the 500 or so well-to-do people who are interested in buying art, and the other artists who can give introductions to their art world connections.
"When you're young, you talk to everybody," contributing artist <a href="http://www.ellenharvey.info/">Ellen Harvey</a> told Business Insider. "Your career gets its own momentum once you start meeting people. Artists rely a lot on other artists and you can't overlook that generosity. I think it's also important to buy other artists' work."
When times get tough, artists can sell the work in their collections or trade on the goodwill of being an active participant in the marketplace. 
<h3>2. Pay attention to your finances and make a budget</h3>
"Honestly, looking at my finances was the best thing for me," contributing artist <a href="http://mysite.verizon.net/vze1ya35/index.html">Erik Hanson</a> told Business Insider. 
"My goal has always been to have an art career. When I got <keyword id="6354840" type="PERSON" weightage="60" keywordseo="money">money</keyword> and I was presented with the option of paying my rent or going to Miami for Art Basel, I would go to Miami," he said. "I got into some really scary financial situations because I thought I had to sacrifice everything for the art. It forced me to soberly look at my money and ask if I'm spending it the best I can."
"I've really tried to be more responsible," Hanson said, "and get jobs that pay well." 
He primarily makes money by selling his art work, but also works odd jobs he thinks will fulfill his creative practice. Over the summer, he got a job on Craigslist to work with antique carousels at a carnival on Governors Island, south of Manhattan.
<h3>3. Plan ahead and take internships that count</h3>
"If you wait to think about your career until you first graduate, you're way behind," contributing artist <a href="http://www.tonyingrisano.com/TonyIngrisano.com/HOME.html">Tony Ingrisano</a> told Business Insider.
"I interned with three galleries and got a lot of experience with the behind-the-scenes work like art selling and handling, even down to things that are good for the website and marketing. When you're working for free [at an internship], you want to make sure you learn something."
Ingrisano, the youngest contributor to "Living and Sustaining a Creative Life," teaches drawing at Briarcliff College in Long Island when he's not making massive ink drawings in his own studio.
"People just assume that if you're in a gallery, all that work is sold and you're living well, but that's not the case. A lot of that art goes back to that person's studio. Having gallery representation is not the answer to economic stability," he said.
<h3>4. Commit to working as an artist</h3>
"I decided at a certain point that all money had to be made in the studio," contributing artist <a href="http://www.kateshepherd.com/">Kate Shepherd</a> told Business Insider. She relies wholly on selling her artwork to make an income. 
"I did art jobs on an as-needed basis like copying paintings and doing portrait paintings. After a commercial piece, I'd make a work for myself based on that commercial piece. Had I had a waitressing or paralegal job, my hand wouldn't have been moving in the same constructive way."
<h3>5. Open a gallery, treat it like a business</h3>
Contributing artist <a href="http://www.austinthomas.org/">Austin Thomas</a> started investing in real estate in Brooklyn, and a year and a half ago, she opened a gallery space in Manhattan called <a href="http://www.pocketutopia.com/">Pocket Utopia</a>. 
"Owning your own business gives you the most flexibility of all," Thomas told Business Insider. "You decide when you're open and closed. I feel like I'm even more influential in the art world because I sell other artists' works and try to make money for myself and them. Some of the people [here for the book event] I've sold their work for the highest price it's ever gotten."
<h3>6. Get used to playing the real estate game</h3>
"I had to move my studio after so many years there because Etsy started taking over in the heart of <a href="http://dumbonyc.com/">Dumbo</a>," contributing artist <a href="http://www.jennymarketou.com/">Jenny Marketou</a> told Business Insider. 
"Etsy is willing to pay twice the rent, so I had to move," she said, "Luckily I travel so much that I could move to a smaller space in the same building. Space is the biggest issue for an artist based in New York City. In a few years I'll be completely out of Dumbo. I still have to pay the rent for where I live."
Marketou has an apartment in the East Village, and moving into a smaller studio actually lowered her overhead. She works in a lot of different countries where her work has been commissioned for biennials, after creating an international network of curators since she came to the city for art school in the 1980s. 
<h3>7. Only go into teaching if you love it</h3>
"If you don't have a passion for teaching," contributing artist <a href="http://www.carsonfox.com/">Carson Fox</a> told Business Insider, "absolutely don't go into it. The college level is outrageously competitive." 
"I was on a search committee for one sculpture instructor position. We received 300 applications and 80% of the people were right out of grad school. The people with little to no experience like that just don't stand a chance."
Fox works as an associate professor of art and art history at Adelphi University in Garden City, N.Y. She advised applying for grants and residencies to diversify an artist's income outside of teaching.
<h3>8. Take advantage of the down economy</h3>
"The art market crashed in 1986 along with the economy," contributing artist <a href="http://www.briantollestudio.com/">Brian Tolle</a> told Business Insider. "It wasn't a great time to graduate, but the depressed economy meant the market was looking for cheap talent, and young artists benefitted as a result. The expectations were so low that it was easier to break in and when the economy started to recover, we were already in place."
Now Tolle routinely manages to create work on the budgets of public art work committees. He often gets a flat fee that has to cover his time and expenses in generating these massive projects. Tolle has three public works he will install this spring: one in Canada, one in Houston, Tex., and one in Brooklyn.

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