Employee shares are getting contagious!
It may only be March but this year has already seen several of our biggest banks and institutions demonstrating their commitment to their employees with generous share increases and opportunities to be a real ‘part’ of their businesses.
The latest announcement comes from bank Aldermore, which has granted each of its employees up to £1,000 in free shares following its initial public offering (IPO) on the London Stock Exchange. Aldermore follows TSB and OneSavings Bank which floated earlier this year and Virgin Money which also awarded its employees a £1,000 share bonus following its IPO.
Aldermore, which lends to SMEs and individuals, is reported to have offered £200 per year of tenure to its 875 strong workforce.
“To demonstrate our gratitude, and to ensure all of our team can participate in our future success, I’m delighted to announce that we will be awarding Aldermore shares of up to £1,000 in value to each of our employees,” Phillip Monks, CEO of Aldermore explained in an interview with employeebenefits.co.uk
“This is an exciting moment for Aldermore”, he added “I would also like to personally thank all of my colleagues for their hard work and commitment. Something all the team shares is an enormous sense of pride in how we serve our growing number of customers and the achievements we have made so far.”
The announcement comes only days after Admiral Insurance revealed that more than 7,000 Admiral employees will each receive £3,000 worth of free shares via the insurance provider’s Share Incentive Plan (SIP).
Eligible employees qualified for awards under the SIP based upon the performance of the organisation in each half-year period and staff must remain in employment and the scheme for three years from the date of the award to benefit from it.
Meanwhile, retail giant ASDA has reportedly been working with its employees to increase take up on its own sharesave scheme. One of the main challenges facing ASDA is its size, with 170,000 colleagues in the UK alone to connect and communicate with. But ASDA is committed to getting the message clearly cascaded to their network of stores and the supply chain. One Store Manager explained, “Our sharesave scheme plays a key part of our reward strategy and we openly encourage participation throughout our organisation from hourly-paid and salaried colleagues to board members.
Of paramount importance for this year is the use of clear, simple language and strong visuals to make the subject matter easy to understand and readily accessible to every [employee].”