SpiceJet now offers high-end cars worth Rs 25 lakh as perks for staff

With the Indian aviation sector slowly getting back in shape financially and expectation of a economic revival, airline companies are in a mad scramble for talents. They are devising ways to get and retain good hands in key positions. Latest to up the ante is SpiceJet, a company that is just back from the brink of closure. The budget airline is now offering its senior and middle level staff high-end cars worth Rs 25 lakh as a retention measure. If they stay for 4 years or more with the company, they even get to keep the car, reported the Mumbai Mirror.   [caption id=“attachment_2776054” align=“alignleft” width=“380”]  Representative image. Reuters[/caption] The Mirror report goes on to say that employees in the grade of vice-president and above are given cars worth Rs 30 lakh, general managers and above (but below vice-president rank) are eligible for cars costing Rs 15 lakh, and those in the deputy general manager grade are given cars worth Rs 10 lakh. It is also planning to give Employee Stock Option plans to its employees now. Post the exodus of employees during their financially unstable days, SpiceJet’s resurrection has been remarkable, and now not only is drawing fresh recruits towards it but is also is attracting talent from the competition and its previous employees to rejoin the company, according to a report by the Business Standard. It is giving more responsibilities to its mid level employees, and has promoted them to senior positions as well. SpiceJet now plans to expand its fleet and hire more employees. According to the Mirror report, out of 40 new recruits, 18 are reported to be from Indigo. Indigo and Vistara also offer perks to their employees. Indigo too offers cars, Vistara offer soft loans to its employees to buy high-end cars, but Air India does not offer anything as such. SpiceJet now operates at the highest load factor as well. At  90% load factor for January-March, it was the highest in the industry. They are reporting profits, and have plans to expand. In the third quarter ended December 2015, SpiceJet had reported a standalone net profit of Rs. 238.40 crore as against net loss of Rs. 275.03 crore in the corresponding quarter in the previous year and an 11 percent growth in net sales to Rs. 1,439 crore.