Personal care brand, Pilgrim, announced its first Employee Stock Ownership Plan (ESOP) scheme. The direct-to-consumer (D2C) claims to have become one of the very few companies that have earmarked a double-digit (10 per cent) of its shares to the ESOP pool for 100 per cent of its employees in its initial years. Employees who have spent a year (12 months) in the company (approximately 30 in number) will be able to benefit from this scheme.
With this announcement, Pilgrim aims to acknowledge, celebrate and reward the relentless efforts of the employees who’ve led the brand to stellar growth over the last 3.5 years, along with driving wealth creation. With a strong focus on employee well-being and hence benefits, Pilgrim has seen its employee-benefit-centric expenses grow 2.5x in the last 12 months. It has also doubled its employee strength in the same time period.
“We feel honoured to have their (employees) support - some of whom have been with us since day zero and placed immense trust in us. The ESOP scheme is our way of showing gratitude and enabling them with future growth opportunities. We will continue to build towards employee well-being and with their support, continue to build Pilgrim as one of the fastest-growing D2C personal care brands,” said Gagandeep Makker, co-founder of Pilgrim.
Founded in 2019, Pilgrim is said to be on a growth trajectory, eyeing 3x the current run rate in 2023. Pilgrim aims to empower employees to be a part of the company’s growth journey with the ESOP scheme and experience professional as well as financial growth opportunities. It aims to instill a sense of pride and ownership in brand building and growth. The ESOP scheme will be offered to the employees at face value and over and above their competitive salaries.