Latest research from Equiniti reveals 50 percent of workers would change their current attitude to their employer if they were part of an employee share scheme.
Specifically, of those employees with an improved attitude,46 percent said it would increase their interest in the business, 32 percent said they would support future business growth and 30 percent would be more loyal*. The nationwide research, of over 1000 employees commissioned by Equiniti Employee Services** reported that 31 percent had changed job in the last 5 years meaning that employers need increasingly to be focused on retaining staff, particularly where they may face fiduciary constraints that hinder other forms of staff retention.
The survey also asked full time workers what would swing their decision to stay or take a new job.*** A share option scheme(15 percent) came ahead of child care options (12 percent), commuter programme (10 percent), access to financial advice (7 percent) and charity/volunteer schemes (4 percent). Interestingly, share schemes had the biggest influence amongst the younger workforce – 72 percent of 18-24s said they would change their attitude if they had a share scheme at work, and of that 72 percent:
• 58 percent reported that they would look for opportunities to grow the business;
• 56 percent would take a greater personal interest in how the business was run;
• 33 percent would take their career progression more seriously; and
• 25 percent would both be more loyal and prepared to work longer hours.
Phil Ainsley, Managing Director of Employee Services at Equiniti, commented: “At a time when the country is moving tentatively back into growth, with many business leaders conscious of the scarcity of skilled labour as a major challenge to their growth(****) and productivity, it is important to retain the best people and attract talent. It is now less likely that a decent salary or a company car is enough to encourage productivity and loyalty.
Our research suggests that employees are increasingly looking for a long-term financial plan and a sense of involvement in the business. Share schemes are currently under utilised across all industry sectors but they can have a hugely positive effect on the way employees view their employers and how involved they are with the company and its future. This can only be good for corporate growth and individuals alike.”