In an official statement issued on Sunday, IT services major Cognizant said that the company was grossly misrepresented regarding its recent controversial job posting with a Rs 2.52 lakh annual compensation for freshers.
The IT firm faced significant online backlash over the internet for its low fresher salary offering, with many comparing it to 2002 levels.
In a statement on the issue, Surya Gummadi, executive vice president and president, Cognizant Americas, said, “Our recent job posting for talent from non-engineering backgrounds, with a three-year undergraduate degree, has been grossly misrepresented.”
“This job posting, with compensation of Rs 2.52 lakh annually, was only for candidates with a three-year undergraduate degree and not for engineering graduates,” he clarified.
The company further stated that its annual compensation for fresh engineering graduates ranged from Rs 4 lakh to Rs 12 lakh.
“Our annual compensation for fresh engineering graduates ranges from Rs 4 lakh to Rs 12 lakh annually, depending on the category of hiring, skill set, and advanced industry-accredited certifications,” said Gummadi.
“The compensation we offer for engineering graduates is highly competitive within the IT services peer group,” he added.
In its defence, the company also stated that it invests approximately Rs 2 lakh to Rs 3 lakh per associate in the initial years to train, mentor, and upskill in advanced technologies.
“This is for both engineering and non-engineering associates. Hundreds of our associates who joined us with a three-year undergraduate degree today hold key positions, from manager to assistant vice president, across the company,” said the company.
Offered a competitive hike in the industry
The company is also facing criticism for allegedly offering low hikes to its employees, which, according to reports, ranged from just one to five per cent, despite the firm posting strong profits.
Clarifying its stance on the issue, Cognizant said, “The merit increases for this cycle are tied to both individual performance and macro industry dynamics. This year, we are one of the few IT companies in India that have delivered increments and bonuses for employees. This recent pay hike is the fourth that most Cognizant associates have received in the past three years. Moreover, these hikes are just one component of the comprehensive total rewards package.”
First Published: Aug 18 2024 | 4:47 PM IST
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