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Lynn Ahlers, VP Total Rewards, Signet Jewelers
Matt Connor, Senior Relationship Manager, Solium
June Davenport, Executive Director, Corporate Services, Solium
Solium…the global equity benefits leader
3,000 global clients
1M participants
11 global exchanges
12 offices 6 countries
#1 in US market share
80 currencies 150 countries
2,400 US clients
460 equity professionals
Signet ESSP- Goals of the Plan
1. Enable Team Members the opportunity to share in the success of the Company through share ownership at all levels of the Organization
2. Foster understanding of the performance metrics of the Company and focus on growth
3. Support the “One Team” strategy post-acquisition 4. Unifying element of the Rewards strategy with offerings in
US, Canada, Puerto Rico, UK & Ireland 5. Offer tax advantaged plan within the jurisdiction
(423 in US, SAYE in UK)
Signet US ESSP Plan Features
1. 2 Year Term- always have two plans active at a time 2. Purchase price 15% discount established at beginning of
the period 3. Maximum of $200/pay or $4,800 per year 4. 24 pay contributions each year 5. No changes allowed during savings period, although the
participant can withdraw from the Plan 6. No earnings on contributions made to the Plan
UK Plan (SAYE) Key plan parameters:
• SAYE (ShareSave) Plan -HMRC Approved (tax advantaged)
• Concept of ’Savings’ contract with a bank & separate “option” to buy shares at maturity • Interest on contributions - with rate set by the government
-Interest rates currently set at zero for a 3 year plan • At purchase if price has decreased – employee can choose to withdraw cash • Good leaver provisions • Participants can miss up to 6 monthly contributions & then default out of the plan with 7th missed contribution • Communications around ’savings’ very key – missed contributions, tracking contributions
2015 North American Communications- Challenges
• Diverse population /geographically spread
• New offering to Zale population, including Puerto Rico & Canada
• How do you communicate out to plan participants with common ‘plan’ goals but keeping the messaging ‘local’
• Change in service providers for existing US plans early 2015
• Desire to increase participation
Solium
2015 North American Communications
Solium Signet On-line portal enrollment Home Mailings Telephonic support Email and Store Communications On-site support 1:1 and Department/Team Meetings Weekend support at deadline Executive Management Meetings
Short Custom Videos & Digital Signage Field Leadership Conferences
ESSP Enrollment Team at the Managers’ Leadership Conference
Enrollment “Towers”
Matt in Action!
2015-2017 - First year Zale Team Members eligible to enroll
ESSP Plan Eligible Team
Members
Enrollment at Offering
Percent of Take
Up
Grant Price
2014-2016 10,938 1,930 17.64% $ 98.20
2015-2017 18,059 2,950 16.34% $117.54
ESSP Plan Eligible Team
Members
Enrollment at Offering
Percent of Take Up
2014-2016 10,938 1,930 17.64%
2015-2017 11,111 2,107 18.96%
US Canada Puerto Rico
Zale Team Member Enrollment
743 84 16
Signet
Sterling
Zale
ESSP Plan Eligible Team
Members
Enrollment at Offering
Percent of
Take Up
2015-2017 6,948 843 12.13%
2015-2017 Enrollment & Participation
English is the “language of record", but… Sharesave/SAYE versus ESSP
Maturity versus vesting
Savings contract – so UK – but underpins concept of ’you can’t change your contribution and you can basically only stop savings’
Share scheme/share plan
Withdraw/Transact/Sell
Lessons Learned ü Have a great vendor partner ü Establish a strong Team ü Test the system and all links, etc. ü Start communications early & maintain momentum ü Engage Executives to carry the message ü Create messages that fit with the Company’s strategy ü Customize message to groups if necessary ü Don’t assume that people understand stock ownership ü Partner with Payroll on the currency treatment
Signet Advice ü Repetition of the value of the Plan & deadline
ü Maintain attention to detail on project management so when in execution mode, we had more time to focus on “connecting with Team Members”
Thank You Lynn Ahlers
Signet Jewelers [email protected]
Matt Connor
Solium [email protected] June Davenport
Solium [email protected]
Thank you for attending GEO’s 17th Annual International Conference in Boston. We hope you enjoyed this session. • If you require CPE Credit, don’t forget to Sign Out
• Two ways to give us your feedback on this session o Mobile app o Paper surveys available at the door