Source | Sreeradha D Basu | ET Bureau
MUMBAI: This appraisal season, top performers in a number of startups will see their pay packages double while other high performers will take home increments of 30%-50%-plus.
This is in addition to year-end bonuses, accelerated promotions, sponsored family trips, executive programmes to global B-schools, and long-term incentives such as ESOPs and retention bonuses that top talent will get, some startups told ET.
This is despite a spate of layoffs dogging the startup industry recently, and several e-commerce biggies slashing their hiring numbers at leading B-schools this campus recruitment season, as reported by ET last week.
Take the case of food tech firm Faasos, for instance. At a time when several startups in the category are struggling to stay afloat, the 1,000-strong firm plans to reward high-potential employees at the junior-mid level with up to 150% increments, compared to 100% last year, a top official said. Top performers also stand a chance to win a family trip to any location in India.
“We are also offering additional incentives in direct proportion to sales (for the sales team) with no upper limit. ESOPs will be offered to top performers,” said Aditya Adyar, chief people officer at Faasos.
At Prozo, an aggregator and marketplace for all academic content, increments across levels can go up to 100% along with ESOPs and accelerated promotion in as much as six months. “There’ll be a retention bonus for top performers up to 25% of the annual salary along with ESOPs with accelerated vesting,” said Ashvini Jakhar, founder & CEO at Prozo.