Why sharesave is seeing a resurgence in interest
Since the announcement in the Autumn Statement of an increase in savings limits for all employee plans which went live in 2014, there has been a resurgence of interest in these plans, particularly sharesave.
“Companies have launched sharesave for the first time with others returning to them after removing from their overall reward and remunerations offering,” says Louise Drake, growth and acquisition manager at Yorkshire Building Society Share Plans (YBSSP).
Two examples of companies making use of such plans are Manx Telecom and Holiday Extras, both clients of YBS, who won awards at the ProShare Annual Awards in December 2015.
Holiday Extras won for the communication of its first ever sharesave plan and Manx Telecome won for having the best new share plan.
In January Holiday Extras was also ranked in the Sunday Times Top 100 Best Companies to work for, for the tenth year in a row and achieved a three star accredication. This is something the company’s head of people Simon Hickie says could be related to sharesave. “Best Companies is a rigorous measure of how engaged our team is with the business and no doubt our SAYE scheme has had a highly positive impact on this,” he says.
Employees are also keener than ever on such schemes since they find them a great way to save with money not easily missed and the ability to withdraw funds if a better share plan offers come along or if money is needed for other matters/urgent needs. It seems the popularity of sharesave is unlikely to diminish any time soon.
This article was provided by YBS.
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