Sky is to give thousands of permanent employees 100 free shares each to celebrate its 20th birthday, Personnel Today has learned.
Staff who stay at the firm for another three years or more will receive the shares (currently worth £4.52 each) as a gift to reward their loyalty. the broadcasting giant said last night. Around 16,000 employees will benefit from the £7.2m giveaway.
Dev Raval, Sky’s director of reward, told Personnel Today the shares giveaway did not replace any cash bonuses or benefits at the firm and was designed as a thank-you to hard-working staff.
“We still operate in a challenging environment, but we have delivered a growth in customer sales. We hope to emerge from the downturn a more profitable business,” he said.
Raval said that the scheme would help to improve staff morale during the downturn and should also encourage staff to stay at the company for three years or more.
“The shares giveaway means our people can see how we’re doing as a business,” he said. “This was driven by the chief executive and gives people a stake in the business.”
He added that Sky was not expecting to reduce its staff benefits package – which includes allowing employees to claim £1,300 if they buy a hybrid car for personal use.
[2nd paragraph edited on 26 Feb 2009, 3.46pm]