OnBuy offers entire workforce over £1m in share options
British e-commerce marketplace OnBuy, is offering all of its 100+ employees the option to have a stake in the business.
The news follows a successful month for the venture, which was founded by Cas Paton in 2016. It reports that GMV over the Black Friday weekend increased YOY by 25%.
Over £1 million in granted share options will be offered to OnBuy staff.
Each employee will get share options in the company equivalent to around 25% of their annual income that can be exercised during any liquidity event. With an anticipated IPO in the next two years, staff are set to benefit sooner rather than later, OnBuy says.
Paton (pictured above) comments: “We do the right thing by our retailers and customers, so it’s natural that we would do the right thing by our staff too - and we don’t believe any employee should have to be in the boardroom to benefit from company growth.”
“E-commerce is a fast-paced 24 hour business and many firms have been in the spotlight recently for poor working practices and in some cases, downright abuse of staff. Frankly this is unacceptable and at OnBuy, we are committed to creating a fair and transparent working environment for all.”
He concludes: “We want to show that working for an e-commerce giant can be a hugely positive experience and our team is absolutely vital to our future success. We want to reward hard work financially, showing employees that they aren’t just a cog in the machine.”
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