ZingHR rolls out ESOPs, increments, out-of-turn promotions to boost employee morale amid COVID-19May 31, 2021
Microsoft-backed company has also rolled out Zing2.0- an upgraded version of the app with personalised modules and revamped features
People, Profitability, Performance are its three top goals for 2021
Mumbai, Maharashtra [India], 31st May 2021: Microsoft-backed HR cloud-tech company ZingHR has rolled out Employee Stock Ownership Plans(ESOPs), increments and out-of-turn promotions to boost employee morale and motivate them while working from home amid COVID-19. The ESOPs will allow approximately30% of the total workforce to own a stake in the company and bolster employee engagement efforts. ZingHR has rolled out annual increments in the range of 15 to 40% and even awarded out-of-turn promotions to 15 to 25% of their employees who have played a role in their Outcomation initiative last year. Its top three top goals for 2021 are People, Profitability, Performance. The company is also planning to increase the size of the team by 2x by strengthening the leadership team to spearhead global expansion efforts. It also aims to triple the top-line growth and improve business profits this year by better margins.
“We, as a family of employees, have been on a difficult journey in the past year, and everyone has contributed their best. To reward these efforts in this journey, we are offerings ESOPs to over 30% of our team. We aim to imbibe an entrepreneurial culture, giving wings to individual aspirations,” said Prasad Rajappan, Managing Director, ZingHR.
He added: “I have been an employee for some of the years in my career, and I can very much relate to what our employees’ expectations and needs are. I believe that if employees have a sense of ownership, they can significantly contribute to our long-term vision of providing best-in-class HRMS software focussed on OutcomationTM.”
These initiatives come when several companies are laying off employees or implementing a pay cut amid uncertainty induced by the recent surge in coronavirus cases across the country.
The company has also rolled out Zing2.0- an upgraded version of the app with personalised modules and upscaled features. With an unparalleled suite of capabilities, Zing HR’s new digital user interface will improve the ability to collaborate, engage, and implement agile planning. It also offers access to customised views with key performance metrics and multidimensional reports. It will therefore increase the workforce’s productivity with faster, direct access to the most relevant information.
ZingHR has recently forayed into Australia, Singapore and Dubai and is set to expand into more new geographies. It is also on an aggressive hiring spree to bolster its expansion efforts.
Venkat Balan, Co-Founder, ZingHR, added, “As we all know, the past year has been difficult for all of us. However, all our employees have put their best efforts into our long-term vision. This initiative is a small contribution from ZingHR for their best efforts”.
Ravi Bajaj, Co-Founder, ZingHR, on the same occasion shared, “We believe that this is the humble way to support our employees for their patience and hard work.”
ZingHR is one of the few global ventures backed by Microsoft, which offers almost all web/mobile-based modules from Hire to Retire Solutions with state of the art tech supporting those applications. ZingHR’s USP focuses on OUTCOMATION™, which aims to achieve Tangible and Measurable Business Outcomes Like Top Line, EBIDTA, People Efficiency, and People Productivity. The company has constantly updated its technological prowess to deliver a modern and complete HR solution used by over 5 lakh employees in over 500 companies. Some of its esteemed partners include global and regional organisations like HDFC Bank, Muthoot Fincorp, Enrich Salons, Sun Pharmaceuticals, Cloud Nine Hospitals, etc. Recently, ZingHR has expanded into new regions like Australia, UAE and the Asia Pacific.
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