Innovative Share-Incentive Plan Launched for More than 25,000 Prysmian Employees
Categories : Corporate
Prysmian Group, the world leader in the energy and telecom cable industry, recently launched BE IN, an employee stock ownership plan designed to bring additional benefits to more than 25,000 of the company’s global factory workers and sales teams. In North America, 5,100 associates are eligible.
“BE IN is unique as it helps us better align with our factory associates and what is important to them,” said Andrea Pirondini, CEO of Prysmian Group North America. “We’re creating long-term shared value and helping our employees feel more invested in the work they do every day. It is a way for us to connect to our core mission of providing superior cable solutions and our consistent excellence in execution, which leads to significant growth and profit.”
Employee share ownership is already an essential aspect of Prysmian’s structure. Management incentives, including the annual MBO and three-year Long Term Incentive Plan, can be paid out in shares. In addition, Prysmian’s YES Program, launched in 2013, allows employees to buy company shares during two annual windows.
BE IN adds to this portfolio. Through the program, employees may opt to receive payment of a portion of the monetary incentive or production bonuses through a counter value equal to the number of shares calculated according to the amount of each individual bonus and the assignment value (the average price of the stock in the 30 trading days prior to the assignment date).
“We want to have our employees invested in what we are doing as a company. It’s not just good for business; it becomes mutually beneficial for them, too,” said John Andrews, Vice President of Human Resources at Prysmian Group North America. “We’ve folded this into our social ambition goals as a company, especially our goals the focus on employee engagement. We hope that by 2030, over 50% of employees will become shareholders.”
BE IN will create shared value amongst Prysmian’s employees, aiming to strengthen engagement and the sense of belonging of the Group’s employees, promoting their stable participation in the company’s share capital.
“BE IN is a great way for our inside sales group and factory employees to become shareholders in the company, with bonus shares and a generous company match,” said Amber Gerdsen, Power Distribution Commercial Operations Director at Prysmian Group North America. “This is such a great program that encourages investment in our company – it’s a no-brainer.”
Currently, Prysmian employees hold approximately 3% of the company’s capital, a significant percentage in a public company where there are no majority shareholders capable of exercising control. Learn more about Prysmian Group’s investor relations at https://www.prysmiangroup.com/en/investors.