Paytm announced Rs.250 crore ESOPs for its employees

One97 Communications Ltd. owned Paytm announced on Friday that it is to offer Rs.250 crore in employee stock option plans (ESOPs) this year to its high performing employees and new hires.

by Roselet Sheena Merli

Updated: Apr 20, 2020 17:35 IST

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Paytm fires 700 employees

Paytm is to offer Rs.250 crore in employee stock ownership plans (Esops) and hire more than 500 people across multiple roles. The financial services company said that it will offer the Esops this year between its high performing employees and new hires. The company said, “This will widen the base of employees having company shares and will enable more people to become a stakeholder in the firm’s growth story,”.

About hiring, the company is to hire over 500 people for multiple roles in addition to its ongoing hiring practices across the critical product and technology functions. Paytm will hire personnel primarily for its financial services business, which includes insurance, lending and Paytm Money verticals. At present, Paytm has an estimated 5,000 employees.
The chief human resources officer at Paytm, Rohit Thakur said that Paytm would not retrench employees who were at the lower end of its appraisal bell curve for at least two months. 

Every year Paytm looks at the performance of each employee and finds that 5% to 10% of our employee base are at the lower end of the bell curve. Those employees are asked to look for opportunities outside Paytm. In 2020, the company fired 500-700 employees who have underperformed by the companies' performance metrics. Considering the COVID-19 pandemic, the company said it will retain them for 2 months until they find better opportunities considering current times. 

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