Truecaller boosts stock programs and benefits for employees, CEO announces in letter

Truecaller CEO Alan Mamedi wrote to employees to explain why the company has decided to boost the stock program for them.

Mamedi mentions in his letter that many companies have implemented stock programs for the first time to make up for pay cuts, something Truecaller is going to do as well. (Truecaller )

Truecaller, like all other companies right now, is also struggling through the pandemic. And while the work goes on, CEO and co-founder Alan Mamedi has written a letter to all employees to announce a boost in the stock programs and improved benefits for employees. 

Mamedi mentions in his letter that many companies have implemented stock programs for the first time to make up for pay cuts. “This is unfortunate but sometimes necessary for companies to survive and we know this since we've been through this in our history as well,” Mamedi wrote.

However, Truecaller's stock program has been around since 2016 and now the company has decided to make it better for the employees. 

“We are proud to announce that this year, in addition to the already rolled-out maternity/paternity leave benefit, we will do an annual salary review as normal, and we will also roll out a new stock program before summer,” Mamedi added. 

“The new program is structured so that you receive your stocks every year as clockwork to keep you all incentivized for the long term instead of every third year which was the case in our previous incentive model,” Mamedi explained adding that more details would be shared soon.

You can read the Mamedi's full letter here -

Dear Truecallers,

We are living in a very strange time right now. The world has gone through some really extraordinary and unexpected changes the last two months. Changes no one could have predicted. For example that all call centers would shut down... That was definitely not in our SWOT analysis!

Even though we had to change our working structure quickly (earlier than most companies), we succeeded really well and after speaking to many of you I'm convinced the productivity level is very high and on par with pre-COVID level, if not higher. However, there is no doubt that we all miss the social part of it and I hope we can all go back to a semi-normal working environment soon.

I´m sure you´ve read about many companies even in our sector laying off staff, doing pay cuts, or canceling annual salary reviews etc. A few companies are implementing stock programs for the first time to make up for the pay cuts. This is unfortunate but sometimes necessary for companies to survive and we know this since we've been through this in our history as well.

As you know, our ads revenue has taken a large hit but is slowly recovering while subscription has stayed strong. This is a great example of how important it is for us to diversify our revenue streams and invest in new revenue streams to stay independent and build for the long term. We believe that we will come out even stronger when this is over, and it is therefore important to allocate and invest capital where the future is, in you.

We are proud to announce that this year, in addition to the already rolled-out maternity/paternity leave benefit, we will do an annual salary review as normal, and we will also roll out a new stock program before summer which gives those of you who are nearly all vested or new to Truecaller beyond the initial 9 months a “refill” of shares every year. The new program is structured so that you receive your stocks every year as clockwork to keep you all incentivized for the long term instead of every third year which was the case in our previous incentive model. More details on the new incentive program will be presented in a few weeks.

Lastly, I often think about many of you who are living abroad or in a city far from your family and I know this is even tougher for you. I sincerely hope your family is safe and healthy, and that you can meet them all soon.

Best Regards,

Alan Mamedi

CEO