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 OCI. 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.
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.
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. OCI is dedicated to discovering innovative ways to value and reward its employees, while simultaneously fostering their active participation in the success of our organisation.”
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. 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.
As part of OCI's social ambition, the wellbeing of employees is a priority. The company has taken a significant step forward by implementing a new parental policy and flexi-time options, further demonstrating their dedication to employee engagement and empowerment. Under the new parental policy, OCI has extended the fully paid maternity coverage period from 12 weeks to 16 weeks.
This extension reflects the company's commitment to supporting new mothers during this crucial time in their lives. Additionally, the company has extended paternity leave to 2 weeks, recognising the importance of fathers actively participating in their child's early development.
Building upon their progressive approach, OCI has also implemented flexible working arrangement through their innovative flexi-time policy, prioritising employee flexibility and work-life balance. With this policy in place, employees have the opportunity to adjust their formal working hours during the week, while ensuring that the accomplishment of working hours and tasks assigned.
This level of flexibility allows individuals to choose their preferred start and end times, accommodating their personal needs and commitments.
Farisè expressed confidence in the positive impact of these new policies. She stated: "We firmly believe that these new policies will not only benefit our employees by promoting a healthier work-life balance, but also contribute to a more engaged and productive workforce. As part of our social ambition, we are committed to continuously evolving our practices to create a positive and supportive work environment for all our employees."
This commitment to fostering a conducive work environment reflects OCI's dedication to the well-being and satisfaction of its workforce.-- TradeArabia News Service