Bangalore, India, July 28, 2020: QuEST Global, a global product engineering and lifecycle services company, today announced a broad-based equity compensation plan for its employees globally. The plan, aimed at increasing employee ownership in the organization, comprises of Employee Stock Options (ESOPs) which have the potential to provide significant benefits to the participants. ESOPs will be rolled out to eligible employees – selected based on roles, performance, and growth potential – in the coming weeks.
The ESOP grants vest over a future period – typically 3-5 years and will provide employees with a financial interest in the future success of the business. Along with this, the ESOP will also enable the company to develop and retain its future leaders as equity plans help align the interests of the shareholders and the employees.
Calling it a significant business decision, Ajit Prabhu, Chairman & CEO, QuEST Global said, “The well-being of the company is in the hands of our loyal, long-term employees and clients who rely on them. Over the last two decades, our belief in the power of people has led us to build an organization that employs over 11,000 talented engineers across the globe. It is not just the founding families and private equity firms who are the owners of the company but also our employees, who double up during crises to rebuild the business. It is befitting to reward them with ownership by rolling out ESOP for their loyalty and commitment, providing them with a great opportunity to participate in generating and sharing the wealth.”
Ajit also said that he is grateful to all the employees, shareholders, and investors who supported the organization during this unprecedented situation as the COVID-19 pandemic hit businesses worldwide. “The year 2020 has been tough. With the strong support of our shareholders and investors, who continue to believe in us, along with the positive spirit demonstrated by our employees, we have been successfully sailing through the trying times. With their support, we will continue to build an organization where we have put purpose over profit, empowerment over control, networking, and engagement of employees over control and command. The culture and employees are truly the greatest assets of QuEST, and it will lead us to a bright and successful future.” he added.
Niketh Sundar, Chief People Officer, QuEST Global, said, “The founders of the company always believed in greater employee ownership and participation. This has translated into us going deeper and enrolling a lot more employees across multiple levels than what is typically expected of such plans in the industry. This strategic move will also help us groom experienced and dedicated engineers who can solve problems for our customers, while they directly benefit from the continued success of the company. At QuEST, we are very excited about the future.”
Over the last two decades, QuEST has seen multiple equity-linked incentive plans, and this is the company’s fourth ESOP grant cycle following grants in 2004, 2011, and 2017. The new plan will enroll almost twice as many participants as compared to previous years; providing greater flexibility and adopts several good practices in terms of design – be it around plan vehicles, vesting, and performance conditions.
About QuEST Global
We are Quest Global. We’re in the business of engineering, but what we’re really building is a brighter future. It’s not just what we do, but why we do it that makes us different. We believe engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow. For 25 years, we have strived to be the most trusted partner for the world’s hardest engineering problems. As a global organization headquartered in Singapore, we live and work in 17 countries, with 56 global delivery centers & offices, driven by 17,000+ extraordinary employees who make the impossible possible every day. Quest Global brings deep industry knowledge and digital expertise to deliver end-to-end global product engineering services. We bring together technologies and industries alongside the contributions of diverse individuals and their areas of expertise to solve problems better, and faster. This multi-dimensional approach enables us to solve the most important and large-scale challenges across the Aerospace & Defense, Automotive, Energy, Hi-Tech, Healthcare, Medical Devices, Rail, and Semiconductor industries.
Anubhuti Agarwal: [email protected]