US-based Cognizant Technology Solution (CTS)has offered a ‘voluntary separation incentive’ to its top-rung staff.
The voluntary separation incentive of the Nasdaq-listed software company, which employs over 2.6 lakh people, of whom over 75 per cent are in India, represents a ‘very small percentage of our total workforce’, said a company source. A voluntary separation incentive, also referred to as a buyout, is a lumpsum payment made to eligible employees who separate through resignation, optional retirement, or early retirement.
This voluntary initiative is being communicated to management-level associates — from director-level to senior vice-president — and eligibility is at the discretion of Cognizant leadership. “Details of the incentive are not being disclosed,” he said.
The voluntary separation incentive package is part of the company’s plan to accelerate the shift to digital and taking steps to ensure that that workforce is appropriately aligned to deliver sustained, high-quality growth, said a Cognizant spokesperson.