Snapdeal, an online shopping giant in, just announced 20 percent hike in the salaries of its top performing employees. The company justified the hike by saying that it expects to lead the organization ahead through meritocracy. The company continued its trend for second year now. Last year, it gave 16 percent hike to its best performing employees.
Each top performer will be also eligible for the Employee stock ownership plans. It means that the employee will become partner in the company by owning its stock. Vice President (Human resources) Saurabh Nigam informed the press that the company has implemented trimester based performance review now. Top performers will be continuously rewarded through this system.
Bengaluru, Gurgaon and Delhi offices of the Snapdeal employ around 6,000 employees as of now. 5-15 percent of those are expected to be benefited from the salary hike. It will increase the commitment of employees to the company and add motivation to work better. Indian e-commerce market is facing intense competition and this strategy is aimed at retaining best employees within company.
The pay hikes are not decided by the profit or financial impact of the work done by an employee. The overall contribution of the worker to company is taken into the account. The high performing members of team will be fairly compensated for their skillset. The company has also looked at the low performing employees. It recently gave notices to 200 employees to increase their performance in 30 days or face the termination otherwise.
The big compensations, stake in the ownership and other such incentives are getting common in the Indian e-commerce companies due to steep competitions from giants such as Flipkart and Amazon. The Snapdeal’s plan to hike the salaries of employee is definitely going to help the organization.
Snapdeal employees salary
Snapdeal employees salaries
snapdeal salary hike