Niyo, the Indian digital banking fintech has offered its employees 10 to 12 per cent salary increments, along with bonuses and employee stock ownership plans (ESOPs), in a bid to boost their morale amidst the ongoing pandemic. This move will take its total stock grants to over Rs 100 crore for all eligible staff members.
Virender Bisht and Vinay Bagri, co-founders, Niyo, feel that it was necessary to reward the employees for their patience and hard work. The increments and bonuses are the Company’s way of lending support to the employees during these troubled times and showing them that they care.
The co-founders believe that only if the employees feel a sense of belonging and ownership will they be able to contribute meaningfully to the goals of the Company and help it realise its vision.
That is not all. Niyo is gearing up to expand its tech and product teams by the end of March 2021. This is refreshing news, especially at a time when most companies are downsizing and imposing pay cuts to control costs. Apparently, the fintech company with corporate offices in Delhi, Bangalore and Mumbai, has continued its investments in product development throughout the lockdown period. This has helped Niyo to recover from the adverse effects of the pandemic rather fast.
Seeing the current crisis as the best opportunity to go digital, the Company believes that the ongoing pandemic will only accelerate the digital adoption of financial services.
Niyo has introduced many initiatives to ensure the physical and mental well-being of its employees. It hosted a unique virtual hackathon event, aptly titled ‘Home-a-thon’ to encourage employees to innovate in the areas of product, design and technology. It has offered its over 700-strong workforce the option to travel back to their hometowns and work from home until September 30, 2020.
During the lockdown, Niyo acquired Goalwise, a new-age mutual funds platform, following which it launched a vertical under the brand name ‘Niyo Wealth’.
The fintech company has been working towards establishing a branchless banking culture during the pandemic. Clearly, it is taking all the right steps to serve its customer base of 1.5 million and 6,000+ corporates.