Pilgrim, a direct-to-consumer (D2C), personal care brand recently announced the launch of its first employee stock ownership plan (ESOP) scheme.
The company has allocated 10 per cent of its shares to the ESOP pool to be distributed among all of its employees. This move will benefit around 30 employees who have completed a year with the company.
The objective of this initiative is to acknowledge and compensate the employees who have been instrumental in the growth of the brand over the past 3.5 years, as well as to promote wealth creation.
The organisation places great emphasis on the well-being and benefits of its employees. As a result, the company’s employee-centric expenses have increased by 2.5 times in the past year, reflecting its commitment to providing a supportive and rewarding work environment. In addition, Pilgrim has doubled its employee headcount during the same period, indicating a positive growth trajectory.
Gagandeep Makker, co-founder, Pilgrim, stated, “At Pilgrim, we are committed to solving hair and skin concerns of the consumers by discovering and bringing the best of beauty secrets from around the world. We have seen exponential growth in this journey; this would not have been possible without the relentless efforts of our employees.”
Since its establishment in 2019, Pilgrim has been striving to achieve remarkable results, with plans to achieve three times its current run rate by 2023. By offering the ESOP scheme at face value and in addition to regular salaries, Pilgrim hopes to empower employees to be an integral part of the company’s growth journey.
“We feel honoured to have their support, some of whom have been with us since day zero and placed immense trust in us. The ESOP scheme is our way of showing gratitude and providing them with future growth opportunities. We will continue to build towards employee well-being and, with their support, continue to build Pilgrim as one of the fastest-growing D2C personal care brands,” adds Makker.
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