New Delhi, Leading digital payments and financial services platform Paytm has announced to offer Rs 250 crore in ESOPs this year to high-performing employees and new hires.

Witnessing rapid growth in its financial services vertical, Paytm will also be hiring over 500 people for multiple roles, aside from continued hiring in product and technology, the company said in a statement.

"Paytm has a high-performance culture and follows a transparent process to evaluate & reward employees. We always ensure to provide ample growth opportunities and engage for feedbacks from time to time," said Rohit Thakur, CHRO, Paytm.

Paytm started a rigorous company-wide process of annual performance reviews in January 2020, to evaluate the performance of its workforce.

As part of the appraisal process, some employees were assessed to be at the lower end of the bell curve range.

"As a part of the year-end process, the company typically asks them to look for opportunities outside the organization. However, after analyzing the current scenario, Paytm has offered those employees to continue to be on the rolls of the company for another two months and receive all payments for this extended period," the company elaborated.

Paytm has over 300 million registered users.