Spinny, a used car retailing platform in India, has launched the Spinny – stock option plan for all employees. The company has announced stock options for all employees for the first time. Earlier, it had given some employees with ESOPs, and in December 2021, Spinny helped to facilitate the first ESOP buyback. According to a press release issued by the company, the buyback had a $12 million total value.
According to the statement, several team members, including those in entry-level blue-collar roles, could make handsome incomes and home purchases, among other things. This prompted the company to establish a policy whereby all team members, regardless of their position or title, would receive ESOPs.
“The ESOP pool was constituted to ensure that team members are rewarded for their belief in Spinny’s vision, and relentless hard work that goes behind turning the vision into reality,” stated the release.
“Since the inception, we have focussed on nurturing a healthy working environment and a robust value system where we work to build a trusted relationship amongst all team members,” Niraj Singh, founder & CEO of Spinny, said. “Our reward philosophy is centered around modern thinking fuelled by compassion, team-work, and shared ownership. Nothing is more important to us than bringing the right solutions for our customers and creating value for the team members.”
Other employee-friendly benefits that the company has recently implemented include salary advances, loans, and the Spinny Education Sponsorship Program, which offers education assistance to staff members looking to further their education to enhance their careers. The company offers Term Life Insurance, Employee Referral Insurance, Parental Medical Insurance, Group Personal Accident Insurance, and Flexi Basket Insurance. In their employee assistance programme, they also provide free specialized doctor consultations and mental wellness sessions.