Cognizant dangles cash for high performing staff

Instead of offering shares, IT outsourcing giant Cognizant Technology is giving cash to high performing employees. The move comes after Cognizant joined hands with Elliot Management to follow a strategic plan that includes expanding non-GAAP operating margins to 22% in 2019. The company said the decision has been taken after its buyback program, which started in Q1 of this year with USD1.5bn. After the share repurchase program is completed, Cognizant will buy back USD1.2bn shares in 2017-18. Recently, Cognizant has asked employees at a certain level to take cash instead of giving stock options as has been the trend.