Rewards Loyalty - Business Outrank

Kovai.co a SaaS company based in Coimbatore has given away ₹14.5 crore to 140 employees as a reward for their loyalty. Saravanakumar, a Coimbatore native who has lived in London for 25 years, founded Kovai.co, which has become a successful bootstrapped startup with $15 million in annual revenue and $100 million in valuation. The bonus is part of Kovai’s “Together We Grow” initiative, launched in 2022. Under this scheme, a bonus of six months' salary was given to the employees who had stayed with the company for three years. He said: “Most startups offer ESOPs, which are only paper money until the company raises external funding or goes for an IPO. I wanted to give something concrete to my employees.” The initiative has been widely appreciated. Employees were grateful for the bonus, and many of them said they would like to use it to pay off loans, to fund education or to plan weddings. It was something that Kovai.co was proud to do, to reward loyalty over performance targets and make this a significant moment for the company and its long term employees. Coimbatore is once again in the limelight, and this time it is not only for its technological advancements, but also for how startups can innovate in the area of employee welfare.

What's Hot

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Rewards Loyalty

Coimbatore Startup Rewards Loyalty with ₹14.5 Crore Bonus for Employees

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Is the Government Favoring Tesla Over Tata & Mahindra?

Our Picks

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Most Popular

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Rewards Loyalty