Employees are the backbone of any organisation and without an efficient team, the company will definitely suffer in the long run. Words may fail to express the importance of an operational team that is trustworthy and efficient.
In order to retain employees and reward them for their hard-work, financial technology start-up, Niyo has recently announced to roll out ESOP buyback programme for its employees.
In the entrepreneurial world, ESOP stands for Employee Stock Ownership Plan that aims to benefit employees of an organisation by allowing them with an opportunity to have an ownership interest in the company. ESOP Buyback programme has a lot of benefits for the sponsoring company, shareholders and the participants in terms of tax benefits etc. However, this programme may either be for all employees or selective employees of the sponsor organisation.
Niyo is sponsoring ESOP buyback to reward its employees with the company’s business overcoming the COVID-19 induced losses and crossing the pre-COVID numbers.
The fintech start-up has claimed to benefit over 100 employees with this buyback plan who have completed two years working in the company. Thus, it is a selective ESOP and not for those employees who are yet to complete two years.
Niyo has reportedly been known to provide great incentives to its employers, according to sources, the company has offered up to 10% salary hikes and other incentives to all its employees. The company is said to buy back up to 25% of all vested stocks with this ESOP programme.
According to YourStory, Vinay Bagri, Co-founder and CEO, Niyo acknowledged in a statement that employees are the biggest asset for any company/organisation. He added that his co-founder Virender Bisht and himself have been employees for 15 years before starting Niyo and that experience helps the founders to resonate with their employees’ sentiments.
He further praised the hard work and efforts that the company’s employees have put into their work, working relentlessly towards meeting with the company’s goals and objectives. He mentions that this hard work has helped the company to getter even better business than pre-COVID levels, which is phenomenal. This ESOP buyback is the company’s attempt to reward its employees.
Niyo was founded five years ago in 2015 by Virender Bisht and Vinay Bagri. The company provides an easy and efficient solution to employees in claiming their reimbursements digitally with tracking and managing tools. The service that Niyo provides is absolutely hassle-free and can save one’s complication to collect and keep records of all bills, paper vouchers etc.