Oman Cables rolls out share ownership plan for employees
Oman Cables Industry (OCI), the sultanate’s leading manufacturer of energy cables and innovative service provider, celebrated the 52nd Oman National Day demonstrating a renewed commitment to employees by rolling out a company share-based variable remuneration and profit-sharing plan.
This scheme is rolled out by Prysmian Group – the strategic partner of OCI – and is based on an on/off condition in achieving specific local and regional target, awarding the employees with receiving Prysmian Group shares, according to a press statement.
Targeting a wide employee base with a focus on blue-collar workers, OCI’S share-based plan will serve as a core driver to improve employee engagement, foster a sense of belonging, encourage employees to excel in their roles and maintain alignment with Prysmian Group’s framework for future success while promoting stability.
The plan is part of OCI’S 'Empowerment, Innovation and Excellence’ vision, which extends from its products and services to the opportunities available to its workforce.
Cinzia Farisè, CEO of Oman Cables, said, “The launch of our people-centric, profit-sharing plan comes in recognition of our employees’ commitment to OCI and its culture, as we find new ways to reward our most integral asset through corporate diversity and inclusive value creation. We are confident that, by ensuring the involvement of all calibres in incentive-based initiatives, we can sustain innovation and safeguard the interests of all stakeholders, from employees to shareholders.”
Created in line with Prysmian Group’s Social Ambition 2030 goal of having 50 per cent of employees as shareholders, OCI’S newest stock ownership plan will see eligible employees opt to convert some, or all, their monetary or production bonuses in company shares, incentivising participation and reinforcing increased engagement in the group’s performance.
Enrolled OCI employees will receive a percentage of their monetary entitlement, a predetermined, countervalue equal to shares calculated on an annual and individual basis in accordance with bonus amounts.