In April 2022, global talent acquisition specialist Petroplan Group launched an enterprise management incentive (EMI) scheme in the UK, with an equivalent share option scheme for its non-UK offices, giving its 80-strong workforce an opportunity to build an ownership stake in the business.
The move is designed to help drive productivity, performance and employee engagement, while strengthening the group’s ability to attract and retain high-quality talent within the industry.
Claire Salter, global head of HR at Petroplan Group, says: “Attracting and retaining our own talent is very important to us, and was a critical element in the decision to introduce our employee share scheme.
“A key factor of Petroplan’s scheme is that everyone gets a personal stake in the organisation from the day they join us. We are updating the scheme every four months, so that new employees can join the scheme without delay. There are some rules around eligibility, but these will not impact on existing employees.”
Every new permanent employee at Petroplan will be invited to join the share option scheme when they join the organisation. There is a 12-month period before options are eligible to be exercised, but by joining from day one, employees benefit from the share price at that point in time, rather than 12 months down the line. The number of options an employee is offered is based on their level of seniority within the organisation, with each employee falling into one of three tranches.
The effects have already been positive, with the share scheme helping employees see a direct link between their actions and the success of the business, says Salter.
“We have seen tangible excitement around the financial benefits of the scheme, with people taking a real interest in how what they do day-to-day plays a part in delivering our overall long-term business strategy and the increasing underlying value of our business,” she explains.
“All our current employees have signed up to the scheme, demonstrating real enthusiasm for the benefits.”