I joined ProShare’s Annual Conference for a day of insightful share plan discussions. We covered communication strategies, current and future trends, and top tips for getting the most engagement from colleagues.
Key observations for shaping a communication strategy
Research highlights that share plans are increasingly being leveraged to engage employees. These plans play a vital role in the “motivator” category of reward components, aligning employee interests with business goals, overall wellbeing, and organisational success. Importantly, the employee experience—the way employees perceive and feel about the plan – is just as critical as the specific offerings available within it.
Inclusivity is becoming a central focus in share plans. For example, some organisations have introduced free share awards globally to ensure broader participation. Similarly, environmental, social, and governance (ESG) considerations are gaining prominence, particularly in performance metrics, as employees and businesses alike are becoming more socially driven.
Another crucial finding is that it takes new employees an average of four years to join an Employee Stock Purchase Plan (ESPP). This indicates a need to focus more on onboarding and supporting employees during their early years with contributory plans. Research has also revealed that non-participants often cite barriers such as anxiety about share price fluctuations, tax implications, affordability, and a lack of understanding of the plan. Addressing these concerns will be key to improving engagement and participation rates.
15 share plan communication tips from our peers
- Shift from in-office initiatives to increased use of video content, including personalised videos.
- Keep communications short and approachable – tick the legal boxes without overwhelming employees.
- Embrace the “Amazon effect” by making the user experience intuitive and engagement effortless.
- Provide self-serve content through digital channels like microsites.
- Offer employees a choice in how they receive communications.
- Simplify complex details – break them down or leave them out entirely if unnecessary.
- Use peers as advocates to build trust and engagement.
- Focus on financial education and transparency, especially during challenges like share price declines.
- Be flexible and adapt communication strategies – consider phased approaches (awareness, education, action, reminders).
- Plan ahead – start your communications plan at least three months in advance.
- Build a network of local champions to promote initiatives.
- Reduce global flights for in-person sessions where virtual options suffice.
- Create a culture where employees feel encouraged to ask questions and voice concerns.
- Gather feedback and insights to refine and improve communication strategies.
- Remember, even small changes can have a big impact.
If you like the idea of improving your share plan communications for greater employee engagement, book your free discovery call to chat through your current challenges.
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