BAE has launched its first international employee share purchase plan available for non-UK taxpayers.
The aerospace and security company has recorded a 6% employee uptake since the international share incentive plan called InSIP was launched in July.
Around 5,500 employees spread across seven locations in Saudi Arabia - 300 of which are expatriates - are eligible for the scheme which mirrors BAE's UK SIP in terms of structure, minimum, maximum limits of partnership shares and maximum value of matching shares available.
Employees can buy partnership shares with a monthly contribution of up to £150 per month which must be held in the scheme for three years.
Shares are converted from Saudi riyals into pounds sterling then converted back if sold.
To keep the UK and Saudi Arabian SIPs identical the company holds monthly and annual comparisons between the two schemes.
A series of workshops were held with HR and payroll teams which ran alongside conferencing in Bristol.
Speaking at the IFS Proshare annual conference, BAE Systems Saudi Arabia head of HR Maria Catterall said: "One of the reasons we wanted to introduce the InSIP was to encourage the transfer of employees between entities so that they could retain this benefit when they moved companies, and what we want to see is whether this is acting as a lever to encourage the transfer of people.
"Certainly from early employee engagement on the reason for their transfer, employees were citing their benefits and in particular a share incentive plan was one of the main reasons why they wish to transfer."
Details of new share plan submissions to the country's capital markets authority (CMA) were done through an individual based in Saudi Arabia who was authorised by the CMA.
As well as the currency, the company representatives also had to comply with Saudi Arabia's Islamic legal system when implementing the scheme including employment propositions and communications.
With 60% of BAE's workforce in the country being Saudi nationals and working across the kingdom without access to company email accounts, communications had to be in hardcopy in both Arabic and English.
BAE HR individuals known as ‘HR Champions' interacted with employees through workshops to inform company staff about the plan, introduce them to the online portal and explain how to complete share plan application forms.
These details when then communicated to employees when BAE staff returned to their bases. A series of frequently asked questions were distributed to HR Champions in hardcopy.
Over half (58%) of those participating in the plan were Saudi nationals with 42% expatriates. A large proportion (83%) also chose to participate with the English-only online portal to complete submissions.
The technology to improve employees’ wellbeing is already here. But it is now in employers’ hands to make sure it is used to create successful corporate wellness programmes
Here they are - the winners of the Workplace Savings and Benefits Awards 2020...
Here they are. The finalist lists for the WSB Awards 2020.
Almost all (92%) employers would consider setting up a workplace savings scheme in addition to a pension in light of recent market turmoil caused by Covid-19, Cushon finds.
There are just a few weeks left to enter this year's Workplace Savings and Benefits Awards.