Punch Taverns has won a top award for its employee share scheme introduced last year.
The UK''s leading tenanted and leased pub company picked up the award for the Most Effective Communication of an Employee Share Plan at the annual ProShare Awards.
Nominated by the company that designed and implemented the scheme on behalf of Punch, Halliwell Integra, the award was given to the company that best communicated its share plan to employees in order to encourage them to take part in the plan and increase their understanding and involvement.
Halliwell Integra''s managing director Claire Richardson said: "I am delighted Punch''s commitment to its share incentive plan has been formally recognised. The company has embraced the scheme and proactively encouraged all staff to take part."
Punch introduced the Share Incentive Plan (SIP) last June to its 500 plus staff with a special BOGOF (buy one get one free) deal. Since then over half the workforce have taken a stake in Punch compared to an average of 30 per cent for similar company schemes.
Punch Taverns customer services director Francis Patton said: "We are thrilled to have won this award as communicating the scheme effectively was a priority. Our primary concern was to ensure everyone within the business not only knew about the SIP but understood the benefits of taking a stake in the company.
"With the support of Halliwell Integra we organised a series of presentations and follow-up ''Surgeries'' to give individuals the opportunity to raise questions in private. A large number of our staff are field based and we made sure they were communicated to at their regional conferences.
"In addition, we distributed booklets about the scheme to all employees with a version being made available on the intranet.
"Halliwell also installed a dedicated telephone helpline and email address. This was particularly effective as many queries were of a personal nature concerning individual circumstances such as finances."
The SIP was introduced by Punch to motivate and retain staff by giving them the opportunity to buy shares, receive free shares after three years and pay no income tax or national insurance after five years.
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Notes to editors:
- ProShare is a not for profit organisation that promotes wider share ownership and financial education for all
- ProShare was founded in February 1992 with start-up funding from the DTI, the Gatsby Foundation and the John Templeton Foundation
- The Annual ProShare Awards are the only industry Awards marking achievement and success in the employee share plan industry and in service to the private industry