BT staff to be handed £50m in shares as new boss overhauls image
BT will hand out £50m in shares to staff every year as the telecoms firm’s new boss embarks on a plan to turn around its tarnished image.
Chief executive Philip Jansen today unveiled the company’s new ‘yourshare’ scheme, which will amount to roughly £500 per employee per year.
Read more: BT boosts profits under new CEO despite slip in revenues
“I’m asking our colleagues for their commitment to making BT a national champion and I want to give them ownership in our company and a share in our success,” said boss Jansen.
“Placing customers at the heart of BT will only be possible by investing in the lifeblood of the business, our people, giving everyone a stake as we build a better BT for the future.”
The yearly payout will begin in 2020, and employees will have to hold their shares for at least three years.
Jansen, who took over from Gavin Patterson as chief executive earlier this year, made the commitment at an event for BT’s global staff.
It came after a challenging period for the telecoms giant, which has suffered a steep fall in its share price and been forced to slash thousands of jobs.
But Jansen last week said BT has no further plans to reduce its headcount, and reassured investors by opting not to cut the firm’s dividend for the full year.
The new boss also unveiled plans to ramp up the company’s full-fibre rollout plans in a bid to fend off growing competition.
“BT’s move towards employee ownership is very welcome, giving employees a stronger voice, which has been shown to foster productivity growth and inclusivity in the workplace,” said Carlyn Fairbairn, CBI director general.
Read more: Five things we learned from BT’s full-year results
“All businesses need a structure that works for them and their staff, and workers should rightly feel they are an integral part of any business.”
Earlier this week Julian Richer, founder of electronics company Richer Sounds, announced he would hand over a 60 per cent stake in the company to its employees.