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MUMBAI:
In the heady days of Subhash Chandra's media empire, it was
the Employee Stock Option Plan (Esops) that was attributed
as one of the reasons that led to the fall in fortunes of
Zee Telefilms. Employees enjoyed the cash windfall as the
scrip climbed and many left the organisation to pursue their
own goals. And as the markets tumbled and the value of the
Zee stock took a battering, many employees fell off the cliff.
The
time and tide has changed and Chandra has engineered a new Esop scheme to retain
talent as his entertainment business has been on the upswing. Zee Entertainment
Enterprises Ltd (Zeel) board has decided to offer the carrot to its employees
which would amount to a maximum of five per cent equity of the company.
The
company said Sunday it had decided on Esops to “reward
employees for their past contribution, encourage value creation
and value sharing with employees, and to attract/retain best
talent.” This would be for "employees and/or directors
of the company and/or its subsidiaries."
So who will be eligible for the Esops? "The options
would be given based on performance evaluation and eligibility
criteria to be decided by the remuneration committee,"
Zeel business development head Atul Das tells Indiantelevision.
"The
pricing of the Esops will be as per the Sebi pricing formula,
after the shareholders approval," adds Das.
Zeel will issue stock options over a period of five years
which would be convertible into equity shares.
Adds
Zeel CEO Punit Goenka, “Human resource is our most valuable
asset. We believe that in the times to come, the impetus will
be on the back of harnessing the intellectual capital of the
company and creating a great leadership team. The scheme is
a mechanism to not only reward the efforts of the employees,
as also to develop a greater ownership and to develop a stronger
foundation for the future.”
Recently,
Zeel also introduced Performance Review and Individual Development
Enabler (Pride) for all employees, to map their performance
and build a talent management system.
The
company claims that Pride has become the backbone of all talent management initiatives
in the company and is being referred to identify resources for various training
programmes, which included team building and ideation workshops for all the channels.
Adds
Goenka, “To consolidate on the talent management initiatives,
we are ensuring internal vertical and lateral movements of
high potential employees who will eventually be leaders of
this company. We have also started nominating senior employees
for advanced management programmes in some of the best universities
of the world. This initiative will certainly boost the current
leadership engine at Zee. We have also initiated creation
of a talent map for all the positions which will be synchronised
with talent map of employees who are holding these positions.
This will ensure best possible fit between position and person.”
Also
Read:
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