UK - High street chemist Boots has given 40,000 employees shares worth a total of £7m for their commitment to "modernising" stores.
The awards – given through a share incentive plan launched in 2001 – are given regardless of salary. Boots said the free shares were a “thank you” to staff for their efforts in making the firm more “modern, competitive and efficient”.
A spokesman said it was also done to improve retention at a time when Boots faced “substantial challenges” in the face of increased competition. He pointed out that supermarket giants, such as Tesco, had slashed health and beauty product prices to gain a greater slice of the market.Boots must meet a profit target before the shares are allocated. This has been met every year since the scheme was introduced.
Employees have to sign up to the scheme to be eligible for shares and must work for the company for a complete year to receive the reward.Chief executive Richard Baker said the share award reflected employees’ importance in helping deliver company performance and was an “important way of saying thank you”.
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