Cognizant gives shares, HCL Mercs to top performers
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alok agarwal
Dec 20, 2013, 8:30:19 PM12/20/13
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BANGALORE: Well-performing IT companies are showering their top executives with phenomenal rewards. HCL Technologies has just given Mercedes Benz cars to about 50 of its top performers, and Cognizant has rewarded some in its top management with significant stock grants.
HCL's top performers have received the luxury hatchback A-Class , the base model of which is priced at Rs 25 lakh (ex-showroom Delhi). "We continuously innovate on ways to recognize people. The top performers are invited to be a part of the HCL CEO Club, and employees who cross a certain threshold of performance are rewarded. The CEO Club programme recognizes high performers who impact business strategy," says HCL's HR head Prithvi Shergill. He declined to comment on how many Mercs were given.
Eberhard Kern, managing director of Mercedes-Benz India, says: "We were always confident that India is ready for compact luxury as is the trend globally. We are happy that companies in India are buying A-Class for rewarding their best talent."
In 2009, the Religare Group had given close to 30 luxury cars, including BMW and Mercedes Benz, to some of its top managers. Such novel perks, a common practice before the 2008 slowdown. seem to be making a comeback. Among other rewards are retention bonuses and education programmes.
Cognizant gives stock units worth crores
Earlier this month, Cognizant granted restricted stock units (RSUs) to five executive vice-presidents (EVPs) and other associates promoted to the EVP level. Debashis Chatterjee, EVP and president of technology solutions, and Sumitra Gomatam, EVP and president of industry solutions , were granted 4,000 RSUs (at today's price, valued at Rs 2.3 crore) on December 3 under the Cognizant Technology Solutions 2009 Incentive Compensation Plan.
The RSUs vest in equal quarterly installments over 12 quarters beginning March 3, 2014, so the stock units will fully vest on December 3, 2016.
Krish Venkat, EVP and president of healthcare and life sciences , Prasad Chintamaneni, EVP and president of banking and financial services, and D K Sinha, EVP, president of client servicing, have received 6,000 RSUs each (at today's price, valued at Rs 3.5 crore) that will be fully vested on December 3, 2016.
"The grants were made to all of our associates who were promoted to the EVP level which is part of our compensation package for our senior leaders," says aCognizant spokesperson.
Some IT and technology companies are giving retention bonuses of Rs 20 lakh and more to top executives. "Some energy and construction firms offer fully sponsored Master's programmes in Europe, US and top B-schools in India. Employees have the option of taking a sabbatical to pursue these courses and join their parent company back at a higher level or take up a different role. Some pharma companies work with global HR firms to help place spouses of senior leaders in relevant positions in other companies," says Moorthy K Uppaluri, CEO of Randstad India.
Ronesh Puri, MD in executive search firm Executive Access , says it has become uncommon for companies to offer innovative perks as many of them are grappling with cost pressures. "A common practice loses efficacy while some novel perks create a feel-good factor for employees when they don't see too much of those in the current market."
http://timesofindia.indiatimes.com/tech/careers/job-trends/Cognizant-gives-shares-HCL-Mercs-to-top-performers/articleshow/27666743.cms?intenttarget=no
HCL's top performers have received the luxury hatchback A-Class , the base model of which is priced at Rs 25 lakh (ex-showroom Delhi). "We continuously innovate on ways to recognize people. The top performers are invited to be a part of the HCL CEO Club, and employees who cross a certain threshold of performance are rewarded. The CEO Club programme recognizes high performers who impact business strategy," says HCL's HR head Prithvi Shergill. He declined to comment on how many Mercs were given.
Eberhard Kern, managing director of Mercedes-Benz India, says: "We were always confident that India is ready for compact luxury as is the trend globally. We are happy that companies in India are buying A-Class for rewarding their best talent."
In 2009, the Religare Group had given close to 30 luxury cars, including BMW and Mercedes Benz, to some of its top managers. Such novel perks, a common practice before the 2008 slowdown. seem to be making a comeback. Among other rewards are retention bonuses and education programmes.
Cognizant gives stock units worth crores
Earlier this month, Cognizant granted restricted stock units (RSUs) to five executive vice-presidents (EVPs) and other associates promoted to the EVP level. Debashis Chatterjee, EVP and president of technology solutions, and Sumitra Gomatam, EVP and president of industry solutions , were granted 4,000 RSUs (at today's price, valued at Rs 2.3 crore) on December 3 under the Cognizant Technology Solutions 2009 Incentive Compensation Plan.
The RSUs vest in equal quarterly installments over 12 quarters beginning March 3, 2014, so the stock units will fully vest on December 3, 2016.
Krish Venkat, EVP and president of healthcare and life sciences , Prasad Chintamaneni, EVP and president of banking and financial services, and D K Sinha, EVP, president of client servicing, have received 6,000 RSUs each (at today's price, valued at Rs 3.5 crore) that will be fully vested on December 3, 2016.
"The grants were made to all of our associates who were promoted to the EVP level which is part of our compensation package for our senior leaders," says aCognizant spokesperson.
Some IT and technology companies are giving retention bonuses of Rs 20 lakh and more to top executives. "Some energy and construction firms offer fully sponsored Master's programmes in Europe, US and top B-schools in India. Employees have the option of taking a sabbatical to pursue these courses and join their parent company back at a higher level or take up a different role. Some pharma companies work with global HR firms to help place spouses of senior leaders in relevant positions in other companies," says Moorthy K Uppaluri, CEO of Randstad India.
Ronesh Puri, MD in executive search firm Executive Access , says it has become uncommon for companies to offer innovative perks as many of them are grappling with cost pressures. "A common practice loses efficacy while some novel perks create a feel-good factor for employees when they don't see too much of those in the current market."
http://timesofindia.indiatimes.com/tech/careers/job-trends/Cognizant-gives-shares-HCL-Mercs-to-top-performers/articleshow/27666743.cms?intenttarget=no
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