Ideas2IT, an India-based tech firm, has announced that 33% of the $100,000 company will shares ownership by its employees. 40 employees who have been with the company since its inception (in 2009) will receive 5% of the 33% stake and the remaining 700 employees will receive the rest.
Furthermore, the firm will give away 50 cars to employees who have served with them for more than five years.
As per the company, the implementation of the ‘Employee Ownership Programme’ not only makes employees valued stakeholders but also aligns their interests with the long-term success of the company. Murali Vivekanandan, a self-proclaimed Bay Area techie with experience at Sun, Oracle, and Google, among others, founded custom software engineering firm Ideas2IT. Having relocated to the US, he now divides his time between Chennai, India and Mexico while setting a goal of increasing their current valuation of $100 million threefold in four years.
Our company has allowed employees to choose a vehicle within the range of Rs. 8-15 lakhs from the Maruti Suzuki lineup, and these vehicles will be registered in their name, with no strings attached and no cost for the employees. As of 2022, the company had already given away 100 cars to employees who had completed five years. As of now, the tech firm have only given away 50 cars with shares ownership too.
We initially doubted we could sustain giving away as many cars, but now we’ve given away 33 percent of our firm to our employees,” says Gayathri Vivekanandan, Ideas2IT’s CEO.
Murali tells WION that their firm has many Fortune 500 clients that cover a wide range of industries, which ensures a steady growth, despite uncertain market conditions and fluctuations. Over the past few years, we have grown by 30 percent and some of the sectors we serve have remained stable.
His firm does not hire IITians or top engineering students. In fact, they recruit people from modest backgrounds and lesser-known colleges. “90 percent of our employees come from tier-2 and tier-3 Indian cities. Our main focus is on freshers and those who are quick to grasp. “We don’t analyze their programming ability or knowledge deeply, rather, we just want those who learn on the job and deliver,” he says.
In order to get into this firm, it is not easy, as their recruitment process is very strict. Officials claim that they screen more than 10,000 applicants and pick just 50.
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