The group is also providing flexibility to employees by extending quarterly vesting post a one-year cliff period.
California-headquartered AI platform Yellow.ai has rolled out an employee stock ownership plan (ESOP) worth US$43mn for its global workforce. This is applicable to the company's 900+ staff across seven locations - San Mateo, Abu Dhabi, Bangalore, Singapore, Sabah, Jakarta, and Tokyo.
The announcement comes as the company is looking to touch the 1,000-employee mark by the end of this year, and has recorded a three times year-on-year growth.
The objective, said the company in a statement, is to empower employees irrespective of their tenure or designations, as well as promote collective success by getting them to think about long-term value and wealth creation for themselves, customers, and for Yellow.ai.
Supplementary to the ESOP, Yellow.ai is extending quarterly vesting post a one-year cliff period.
Commenting on the ESOP roll out, Raghu Ravinutala, CEO and Co-founder of Yellow.ai, said: "Taking our commitment to be an employee-first organisation further, we are democratising wealth creation for our employees to recognise their valuable contribution to this upward journey.
"At the same time, we aim to empower our employees to achieve their personal goals and contribute to the company’s business goals. We are confident that this will help drive further accountability, hire the right talent, create wealth for our employees, and implement our long-term vision more effectively."
The Yellow.ai is striving to create a people-first culture, which includes initiatives such as focus-learning weeks, no-meeting Fridays, group challenges (such as photography contests and fitness challenges), and partnerships with partners for health insurance and other benefits catering to physical and mental wellness.
On the latest initiative, Neeru Mehta, Chief Human Resource Officer, Yellow.ai added: "In the face of complex global shifts such as the 'Great Resignation' and the 'Great Reshuffle', adopting a people-first approach is crucial today, and we are proud to launch an employee centric programme that not only accelerates growth but makes it easier for employees to be part of the journey too."
Image / Shutterstock