Oman Cables Industry (OCI), the leading manufacturer of energy cables and innovative service provider in Oman, has announced the success of its inclusive share ownership plan.
Unveiled in 2022, this ground-breaking initiative has now become a reality at Oman Cables, it said in a statement.
“The company witnesses its dedicated desk and non-desk workers embrace their new roles as shareholders of Prysmian Group, solidifying their stake in the company’s future,” the Oman Cables statement noted.
OCI, in partnership with Prysmian Group, its strategic partner, rolled out the share-based variable remuneration and profit-sharing plan.
This includes granting employees Prysmian Group shares based on achieving specific local and regional targets, approved by the Board of Directors.
This initiative, part of OCI’s ‘Empowerment, Innovation and Excellence’ vision, aims to enhance employee engagement, foster a sense of belonging and encourage exceptional performance, while aligning with Prysmian Group’s framework for future success and sustainable developments.
Profit-sharing
Cinzia Farisè, CEO of Oman Cables Industry, said: “We are delighted with the success of our employee-centered profit-sharing plan. This significant achievement highlights our commitment to recognising and rewarding the dedication of our workforce and fostering an inclusive and diverse corporate culture.”
In line with Prysmian Group’s Social Ambition 2030, which aims to have 50% of employees as shareholders, OCI has introduced a stock ownership plan that allows eligible employees to convert a portion or all their bonuses into company shares.
“This strategy incentivises participation, strengthens engagement, and reinforces the Group’s performance,” the company said.
Enrolled OCI employees received a percentage of their monetary entitlement, equivalent to a predetermined share value calculated annually and on an individual basis, based on their bonus amounts.
This commitment to fostering a conducive work environment reflects OCI’s dedication to the well-being and satisfaction of its workforce, the company said.