upGrad, the online education firm, has decided to reward its employees for its success in the year 2020, by granting ESOPs or employee stock ownership plans to employees who have worked in the firm for more than a year. It has also made the work culture significantly flexible in terms of leave policies.
A whopping 2,500 team members have been guaranteed autonomy in deciding their paid leaves calendars through several employee-friendly policies. Additional, the firm also guaranteed stock options to 600 of its employees, who have completed a year in the Company.
This comes as a tremendous surprise as the firm introduced pay cuts during the lockdown due to the economic crisis in the light of COVID-19. Things started going uphill for upGrad, when in July, the firm paid back salaries that were earlier deducted.
The success rate of the edtech platform can be witnessed clearly through the rapidly increasing customer base, crossing the mark of 1 million in the month of December, 2020. The revenue target for the first quarter of 2021, that is, January-March is Rs 300 crore, which would wrap up the year with a revenue target of a whopping Rs 1200 crore.
The students pursuing higher education through upGrad have experienced a number of benefits of upskilling, out of which the most important has been a pay hike of 46 to 55 per cent and landing jobs with almost double salaries. Some of them have been hired by the blue-chip companies as well. In total, over 450 companies hired around 1200 upGrad graduates. The hiring has soared two times since Diwali!
Almost 50 per cent students got hired in the field of data sciences. The second subject most in demand is digital marketing, in which area, upGrad’s partnership with the renowned institute, MICA, has been a great contributory step.
The credit goes to the smart tie-ups that upGrad had strategised upon, with biggies, such as IIT Madras and IIT Bengaluru, that were onboarded to provide ace-quality education. Since the lockdown, over 100 colleges and universities have been onboarded onto the platform.