Financial services group Cattles has launched a new sharesave plan so employees can take advantage of any future rises in the company’s share price.
The company has achieved a take-up rate of 40% among the 3,500 eligible employees, which is the highest since launching its 1999 plan.
Tracey Quiggin, HR reward manager, believes take-up has improved partly because the company is trying to reduce short-server turnover by boosting employee engagement. “I think the fact that the take-up is so high is because people are now thinking long term about staying at the company,” she said.
Cattles has been running sharesave plans since 1993 and alternates them every other year with share incentive plans offering staff free shares. Both are open to employees with at least 12 months’ service.
The latest sharesave plan went live this month. Staff can choose three- or five-year plans and save up to £250 a month, with an option to purchase shares at a 20% discount on the price at launch once the scheme comes to an end. Amanda Wilkinson