TRIBAL GROUP has doubled staff participation in its sharesave scheme by adding two new saving period options.
The company added five- and seven-year saving period options to the existing three-year option on the all-employee share scheme it launched in December last year. Of the consultancy firm’s 2,000 eligible employees, 12% have signed up for the new scheme, compared with 6% in 2007.
All participating employees are entitled to a 20% discount on the share option price, fixed at the start of the scheme.
Colin Woods, reward and recognition leader at the Tribal Group, said he hoped the changes would continue to improve employee share ownership, increase retention and engagement, and improve the workforce’s’ understanding of the company’s brand.
“It is all about retention and engagement and the brand,” he said. “As a company, we are almost a collective of smaller companies and the brand of Tribal can sometimes get lost with other brands in the group.”
The changes to the Yorkshire Building Society-administered scheme were communicated to staff during Tribal’s financial education events, along with information on how to invest accruals tax-efficiently.