In a statement issued by Paytm on Friday, the company has announced that the present crop of employees numbering around 5,000 and the additional 500 expected to be recruited will all be included in the employee stock ownership plans (Esops) and an amount of Rs 250 crore has been set aside towards this. The company wants its employees to become stakeholders in it with the objective of making them feel more committed towards its progress.
Paytm may have its own internal yardsticks to measure the performance of its employees at various levels and the Esops will be awarded based on that. The company says they do have some poor performers who could not measure up to the appraisal norms set. But the management has informed them that they continue in employment for two more months and will be paid their full salary and other dues. The company does not want to put them in any difficulty in these trying circumstances. This is again another gesture that many other companies can possibly follow.
Paytm claims it has a sound employee performance appraisal system that is also transparent. They provide the right atmosphere for people to contribute and grow and there is a feedback mechanism in place to hear any grievances the employees may have.
Paytm has grown into multiple verticals within the fintech space and now deals in insurance and lending besides the digital wallet and payments services. These are the areas the new recruits will be absorbed in.
Paytm is bucking the trend and is announcing rewards to its employees and says it plans to recruit more hands for its financial services business. The general news you hear from all sides is how companies are freezing pay rises and fresh recruitments following the lockdown situation brought about by the coronavirus. From that perspective, the news from Paytm sounds quite positive.