Corporate world bonuses often come with conditions such as performance targets, stock options, or company milestones. However, at Kovai.co, a Coimbatore-based SaaS company, royalty was the only requirement. Founder Sarabana Kumar recently made a promise to his employees, handing out Rs 14.5 to more than 140 team members as a bonus.
This initiative, “Together, We Grow” was announced in 2022 with a simple premise. Staying at work for three years will reward you. On January 31st, the first batch of 80 employees (many employees) was committed to many employees who had been with Kovai.co since before 2022, as bonuses landed in accounts along with their pay. will turn into reality.
For employees, it wasn’t just a number. The celebration was full of excitement. Because many people shared how they planned their atrium. “I’m going to invest this amount for my daughter’s education,” said Venkatish Rejupathy Threedaran, senior growth marketer.
Lead creative designer Ramamirtham Kaliannan was waiting for this moment. “When the bonus initiative was announced three years ago, I decided to use it immediately to reduce my home construction loans,” he said.
Jesintha Johnson, an elderly and cultural expert, had a different plan. “I plan to invest in gold so that I can buy my jewelry for my wedding,” she shared.
A few days before the bonus payout, Kumar gathered employees for an unofficial announcement and revealed why he took this approach. “ESOP chose not to announce the ESOP as it is essentially a banknote until the company raises external funds or goes to an IPO,” he said.
Kumar wanted to keep it simple instead of stock options and performance-related incentives. “This isn’t tied to a target. It’s a bonus for those who have stayed with us for three years,” he said.
This idea regained its shape in 2021 during a trip to Spain. Kumar had already put the funds aside and guaranteed that no matter how the company performed, the bonus would be paid. “This money belongs to you,” he told employees.
