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PhonePe to launch ESOPs for its 2,200 employees. The $200 million Stock Option Plan gives every PhonePe employee the chance to own a part of the company and benefit from its success. Mobile Premier League, Wakefit, ShareChat and Licious are some of the other start-ups which have recently announced ESOPs.
Manmeet Sandhu, Chief People Officer, PhonePe said, “The PhonePe Stock Option Plan is a core component of our compensation philosophy crafted to encourage collaboration, long-term focus and organisation-first thinking. PhonePe is on a mission to use technology as a transformational force that is making financial inclusion real for every Indian. We believe when money and services flow freely, everyone progresses.”
“By having ESOPs at a minimum of $5000 for all levels, we enable every employee in the organisation to participate in the wealth generation opportunity they have helped create — Karte Ja, Badhte Ja . As roles become more senior, ESOPs are a part of the annual compensation for employees, translating into a larger component of their compensation being tied to the organisation’s success. This encourages everyone to put the organisation first. The organisation’s success is their success,” Sandhu said.
PhonePe had just under 500 employees who were under the ESOPs plan as of December 2020. In an interaction with BusinessLine in December 2020, Sameer Nigam, founder and CEO of PhonePe said, back in the day, all employees were shareholders. My father worked at Larsen & Toubro and a significant part of the company was owned by the employees. In the start-up sector, young people have done really well for themselves but its been concentrated on the tech and business side of the functions. I think by ensuring that all our customer service agents and all our sales force last-mile employees will also get to participate in the wealth creation is a bit of a paradigm change in a good way as it is more participative. I’m excited about somebody in my sales team in Bhopal who has 3.5-4 lakhs worth of equity see it double in the next few years – that’s a game changer. With this, I hope attrition will go down on those functions.
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