SCOTTISH housebuilder Springfield Properties has been recognised at the recent ProShare Awards for its newly launched employee share plan.
The ProShare Awards seek to recognise innovation and excellence within the share plan industry. Named ‘Best New Share Plan’ at the awards, Springfield Properties’ sharesave scheme promotes employee ownership of the company with a savings scheme and the option to buy shares at a discounted rate after three years.
The plan offered every employee the option to save between £5 and £500 a month over a three-year period, after which employees can opt to use those savings to purchase shares in the company at a 20% discount to the price at which it was floated.
Springfield implemented a multi-pronged engagement campaign to raise awareness of the scheme and its benefits with employees. As a result, the housebuilder said, 333 (69%) of the workforce joined the scheme, with average savings of £221.41 per month and a large number of employees opting to save the full monthly amount.
Ashley Price, head of YBS Share Plans, said, “I was thrilled to see Springfield Properties rewarded for the launch of their Sharesave scheme at the 2018 ProShare Awards winning the ‘Best New Share Plan’ category. The communication and engagement put in place resulted in truly remarkable participation rates across all age bands and genders, and we have been delighted to support Springfield and see so many of their employees see the value of employee share ownership.”
Innes Smith, chief executive officer of Springfield added, “Looking after our employees is a strong part of the Springfield ethos. We have a skilled and hardworking team who are responsible for what Springfield achieves, and we wanted to provide them with an opportunity to be more directly invested in, and benefit from, the future success of the business. It was also important to us that the scheme was inclusive and accessible across our diverse workforce.
“We are really pleased with the uptake of the programme, which at 69% is well above average for this type of scheme within our industry, and that employees from all parts of the business have chosen to take part – from our apprentices to trades people through to salaried employees and senior management across all age bands. We are delighted that the success of this scheme has been recognised by the ProShare Awards, and we look forward to continuing to grow our company for the benefit of all our employees and other shareholders.”