The stock option method is used by technology startups to gain a foothold in the market. Akasa wil use the method in one of the world’s most competitive air-travel markets
Akasa, the new Indian airline backed by billionaire Rakesh Jhunjhunwala, has chalked out plans to offer stock options to attract staff. The stock option method is used by technology startups to gain a foothold in the market. Akasa wil use the method in one of the world’s most competitive air-travel markets.
Airlines retrenched thousands of workers because of the pandemic and many pilots quit, either taking early retirement or switching careers. “We want to have an organisation that’s very tight knit in values, but diverse in experiences, genders, locations within India,” Chief Executive Officer Vinay Dube said in an interview. “We were saddened by the plight of employees through the pandemic, some of the bankruptcies that have taken place in Indian aviation, and we wanted to create homes for them where they are happy.”
Akasa, backed by some aviation veterans, has hired around 50 employees for back office functions and is now recruiting pilots, flight attendants and airport staff, said Dube, who is also Akasa’s founder and Managing Director
The degree to which Akasa plans to grant stock options for staff will be “far greater than most airlines in India and where they go fairly deep in the way they provide employee stock ownership plans,” Dube said.
Putting employee satisfaction so squarely in front is a strategy in a market that’s gone after customers by offering cut-throat prices. Rockbottom air fares have long been a feature in India, which has a suite of no-frills carriers targeting the nation’s huge flying public.
Akasa, backed by some aviation veterans, has hired around 50 employees for back office functions and is now recruiting pilots, flight attendants and airport staff, said Dube, who is also Akasa’s founder and Managing Director. The careers page of Akasa’s website, decked out in the airline’s orange and purple brand identity with a tagline of “It’s Your Sky,” states that new applications have been paused after an “unprecedented number” of inquiries were received.
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