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Posts tagged: Employee benefits

Sainsbury’s staff net £23 million from share schemes

Sainsbury's Sharesave schemeSainsbury’s staff share scheme is being hailed a success with news that over 11,000 Sainsbury’s colleagues will benefit from the company’s success as two Sharesave schemes mature. This means that the biggest savers in the three year plan are set to net over £2,000 each, which is also tax-free. HR teams, benefits professionals and Corporate Social Responsibility departments will be impressed with this high profile success, which shows Sainsbury’s in a particularly good light as an employer.

With a share price of £3.42 when the three-year and five-year schemes matured, Sainsbury’s colleagues saw an average 21% increase on their original savings across over 11,000 saving contracts. The value of shares subject to the maturity over the last seven years is over £162 million.

Sainsbury’s Chief Executive Justin King, said: “For over 30 years we have given colleagues right across our business the opportunity to share in our success through Sharesave. It’s great news that over 11,000 colleagues have been able to share in a £23 million payout from our Sharesave schemes this year. This is part of the wider benefits package we offer to reward our colleagues for the vital role they play day in, day out in delivering great service to our customers.
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Employee Benefits and getting the best out of your staff

5474761220_345e33882eIn this competitive job market, it is important that individual organisations take the time to make themselves appeal to candidates. Although the unemployment rate is high, the number of experienced and skilled workers out of work is not as high, as companies begin to understand the value of retaining their best and brightest. In an effort to retain the best staff and to recruit the most qualified candidates to any new roles, more and more companies in the UK are starting to offer some kind of employee benefit scheme to their staff.

If you were to poll potential employees about their priorities when choosing a new role you would find a variety of answers but always in the top five will be pay, conditions and holidays. These are the three things that it is vital to tackle in order to ensure a happy, productive workforce. Any benefits over and above these three key categories will not be helpful in the longer term if you don’t get these ones right in the first place.

Offering a competitive salary is an obvious tactic when it comes to recruiting the best staff but it is also important to remember that, depending on the sector, many companies also offer bonus schemes in addition to the basic wage. Everyone likes to know that the guaranteed sum they will walk out with every month is a decent one but people are competitive by nature and offering performance-related bonus schemes can help to bring out the best in your workers. Not only does it offer an incentive but bonuses are also a way for employees to ‘keep score’ and monitor how well they are doing in comparison with their colleagues.

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