Jindal Stainless, the Indian stainless steel manufacturing company, has announced an Employee Stock Option Plan (ESOP) for its senior employees. The ESOPs will be allotted to approximately 150 of its senior team members.
The primary objective of introducing ESOPs is to attract, incentivise and retain talent, fostering a shared sense of ownership and aligning the interests of the employees with those of the company.
The company has granted about 15,68,266 stock options, using a mix of ESOPs and Restricted Stock Units (RSUs). The company has announced the ESOPs under its Jindal Stainless Employee Stock Option Scheme 2023 and these will be available to all eligible employees.
The ESOPs will vest over a period of four years, alongside linkage to performance conditions.
Commenting on this development, Abhyuday Jindal, managing director, Jindal Stainless, stated that the implementation of ESOPs is a testimony of the ompany’s intent to retain its people, and make them true partners in its future progress. Besides, it will also help the company align the interests of its senior team with its long-term growth plans. “By offering employees a stake in our success, we foster a culture of collaboration and shared achievement, ensuring that every individual contributes to and benefits from the growth journey of the company,” he added.
Adding to it, Sushil Baveja, CHRO, Jindal Stainless, such an opportunity to employees to help them create wealth “aims not only to attract and retain talent but also to develop a deep sense of ownership among our employees, aligning their interests with the success of the business. ”
Additionally, this strategic initiative highlights the company’s dedication to recognising and valuing the contributions of its workforce. By transforming employees into shareholders, the company not only encourages efficient performance but also instils a sense of ownership among them.