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Company: TO THE NEW
Category: Achievement in Benefits Design and Administration

Nomination Title: Unique bouquet of Employee Benefits Design & Administration by TO THE NEW

 

Entry:

TO THE NEW is a digital technology company providing digital transformation and product engineering services to ISVs, Consumer Internet, and large enterprises across the globe. We are 1400+ “Newers,” as we like to call our people, spread across Delhi, Dubai, New Jersey.

With CAGR of ~ 50% since 2017, we're amongst the fastest- growing technology services companies globally. We have been a proud recipient of the “Great Places to Work” award since the last 5 years, thanks to our inclusive culture, built with a strong foundation of our values:

  1. Authenticity: We mean and say what we do
  2. People Centricity: Happiness, fulfilment and growth of people matter to us
  3. Customer Focus: We work with a nimble mindset and try and surpass customer expectations, always
  4. Complete Ownership: The buck always stops with every individual, no matter the designation
  5. Continuous Improvement: Learning & growth help us grow as an organisation where everyone focuses on honing & developing new skills

In 2019, with an aim to promote inclusivity, ownership and align interests of the people and the organisation, we granted ESOPs to 100% of our workforce.

Our social impact wing, Team Pahal, supports causes that impact life meaningfully, bringing positive change to 1000+ lives so far.

2019 was a significant year for us as we introduced three unique benefit plans for our people. These plans look into various aspects of Newers’ lives, such as promoting inclusivity and facilitating holistic wellbeing.

ESOPs
Rolled out in March’19, our Employee Stock Option Plan helps in promoting togetherness- led growth and incentivizing everybody towards their contribution to the growth of the company.
The key objectives, achieved successfully through 100% participation were:

-Create & share wealth
-Employee retention & motivation
-Reward performance & incentivize to drive future value

Flexible Salary Benefits
This plan is offered to all Newers as a bouquet of benefits that they can choose to suit their lifestyle and needs. The icing on the cake is that it is tax- efficient and empowers an individual to save tax up to 46% of the CTC. Some of the yearly benefits under this are:

-Leave Travel allowance concession up to ₹60,000 (~ US$800*) House Rent allowance concession upto 50% of his/her basic salary
-Car lease, running and maintenance expenses up to ₹16,20,000 (~ US$21,500*) Mobile & broadband reimbursements
-Books, periodicals & journals reimbursements Training & concession reimbursements

Wellness & Care
‘Newers Wellness & Care’ Program, announced in June’19, aims to lower the risk of lifestyle- related health issues and contribute to the physical and mental well- being of our people.

Under the program, we cover all our people and ensure they are taken care of by giving 100% of them a medical insurance cover with an option to extend it to their parents and siblings.

*US$1 = ~ ₹75

Our prerogative has always been to treat our employees like family and this has in turn helped us in our exponential growth over the past few years. We have always believed in providing employee benefits that are of ‘actual use’ to our people than ‘notional’.

Our employee benefit plans have been designed and administered so that the maximum number of employees can use them to their advantage.

-Unlike other employee options schemes in the industry, our Employee Stock Option Plan covers 100% of the Newers, from junior executives to senior management.

-In addition to the usual tax benefits that most organizations offer our Flexible Benefits Plan enables Newers to opt for a tax- efficient compensation structure. The plan is a hit amongst the Newers with over 67% of our people opting for this plan this year.

-The ‘Newers Wellness & Care’ Program makes healthcare easily accessible to our people, to help them maintain a healthy lifestyle, without having to go through the administrative hassles for basic health checks with over 820 OPD appointments done in 2019.

- Our in- house cafeteria offers an array of sumptuous snacks free of cost to all our employees. Additional meal plans are available at 70% mark down to external market costs to help our people save more.

During COVID, about 40% of Newers have attended our yoga, nutrition, mental health, and guided meditation workshops, which have been especially beneficial during the COVID- 19 crisis.

Links/Supporting Documents:

https://www.business-standard.com/article/pti-stories/to-the-new-offers-employee-stock-options-plan-119080700755_1.html

https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/digital-tech-company-offers-esops-to-its-junior-executives/articleshow/70553374.cms

https://brandequity.economictimes.indiatimes.com/news/marketing/to-the-new-introduces-newers-wellness-and-care-program-for-its-people/71371701

http://bwwellbeingworld.businessworld.in/article/Implementing-Employee-friendly-Practices-TO-THE-NEW-plans-to-do-Interventions-for-both-Physical-and-Mental-Well-being-/04-10-2019-177158/

https://www.aninews.in/news/business/to-the-new-moves-into-a-larger-office-space-in-noida20191016183209/

https://www.aninews.in/news/business/to-the-new-ranked-amongst-top-25-indias-best-workplaces-in-it-it-bpm-2019-by-great-place-to-work-institute20191121164108/

https://mailchi.mp/tothenew/an-update-on-to-the-news-esop-program-304345

https://www.tothenew.com/about-us

https://www.youtube.com/watch?v=QfbvhkJDj6U

https://www.youtube.com/watch?v=EoDAkgJK8w8

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