Defence and support services company VT Group has launched a sharesave scheme to increase employee engagement.
Since the scheme went live in April, staff have signed up to acquire around 1.5 million shares in total. This equates to a take-up rate of 21.5% among the firm’s 7,777 eligible staff, with an average monthly saving of £91.26. Zara Loughrey, reward director, said: “We have had an acquisitive strategy in terms of building the group and have six different divisions that employees identify with. The sharesave plan is a means to give staff a ‘one VT’ view. It also gives them the opportunity to share in the company’s growth.”
Through the scheme, which is administered by Yorkshire Building Society, staff can choose to belong to a three- or five-year plan and save between £5 and £250 a month.
When the sharesave plan matures, employees will be able to use their taxfree sharesave savings to buy VT shares at the option price of 479.97p, which is a 10% discount on the share price at the time the plan was launched in April. Alternatively, staff will be able to simply take their savings on maturation plus the bonus interest earned. VT Group previously ran four sharesave schemes between 2002 and 2006.