Banco Santander sharesave scheme now covers 6,500 employees
Previously, only Abbey staff were able to benefit from the scheme, however, it is now also available to the staff of Alliance & Leicester, which became part of the Santander group in 2008.
Spokesman for Abbey said welcoming new staff into the group was a key reason to extend the sharesave scheme. "It is about making people feel part of an integrated bank". "People now will take a keen interest in the share price, and have a reason to want to stay with us and share in our success."
Through the scheme, staff are offered a 20% discount on the share option price and can save up to £250 a month over three or five years.
Employees were invited to join the scheme in September and more than a quarter (28%) of Alliance and Leicester staff took up the scheme, which achieved a 54% take-up overall.
The company's biggest challenge in extending the scheme was how to communicate it across a geographically-diverse workforce. The Company received great feedback from trade unions who have to get the scheme rolled out. Because there are so many different people across all the different entities, several methods of communication were used in the administration of the scheme.
Interested in talking to someone about a share scheme? Speak to a consultant today on 020 8949 5522 or visit www.rm2.co.uk.