Phase 1: Comprehensive Assessment:  

1. Conducted a thorough evaluation of the existing ESOP plan to understand the process and criteria basis which grants have been made in the past. 
2. Further analysis of the previous ESOP grant data and coverage to understand the impact of the ongoing process. 
3. Deep dive into the organization structure to classify the employees into categories basis which new plan had to be made like, role, job level, department, function (tech/non-tech), etc. 
4. Gathered insights on the market practice on ESOPs within the industry to benchmark and ensure competitiveness.   

Phase 2: Redefining Grant Formulas and Criteria :  

1. Conducted analysis of the current compensation data to arrive at median salary ranges at role and job level, differentiated basis function, to form the basis of the grant formula.
2. Developed clear and objective criteria for eligibility based on performance, potential, tenure and last grant, ensuring fairness and inclusivity.
3. Formulated transparent grant formula differentiated at job level and function, with wider range (Min, Mid and Max) to cater to different levels of employee performance & potential.  

Phase 3: Methodical Budgeting Process: 

1. Established a structured methodology for calculating and allocating budgets to the ESOP pool at the company and departmental levels. 
2. Implemented a data-driven approach considering %of eligible headcount, median salary and corresponding grant amount at mid-level to arrive at budgets. 

Phase 4: Communication and Education:

1. Leadership presentation and buy-in on the new plan details, including grant formula, coverage, eligibility criteria, etc. to ensure smooth cascading. 
2. Launched an extensive communication campaign to educate employees about the revamped ESOP, its benefits, eligibility criteria, and the new grant formulas. 
3. Conducted workshops and personalized sessions to ensure every employee understood the program’s mechanics and long-term implications.