Mahindra's Groundbreaking ESOP: A Reward for Every Employee
Mahindra & Mahindra unveils an unprecedented Employee Stock Ownership Plan for 23,000 employees, including factory workers, acknowledging their contributions to the firm's growth. Anish Shah, Group CEO & MD, emphasizes the plan's aim to align employee efforts with wealth creation, marking a first for Indian conglomerates.
- Country:
- India
Mahindra & Mahindra is pioneering by launching an Employee Stock Ownership Plan (ESOP) for approximately 23,000 employees, extending even to factory floor workers. This initiative is a gesture of gratitude for their efforts in the company's impressive growth journey, Group CEO & MD Anish Shah announced.
Included in this program are significant subsidiaries like Mahindra Electric Automobile and Mahindra Last Mile Mobility. Shah highlighted the conglomerate's market cap, which has surged twelvefold since April 2020. An estimated Rs 400-500 crore will be distributed, contingent on various factors, rewarding those with a minimum of 12 months' tenure.
This initiative is part of Mahindra's broader strategy to align employees' contributions with the company's success metrics, following a 24% increase in year-on-year net profit for the June quarter. Shah underscores this move as a testament to the company's inclusive culture in appreciating each staff member's essential role.
(With inputs from agencies.)
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