The ‘millennial mindset’ is now a phrase familiar to HR professionals. It means a way of thinking that builds social consciousness into all aspects of life.
As younger generations of employees pay attention to where businesses spend their money and how they contribute to society, establishing a corporate culture of social awareness and offering philanthropic benefits can attract and retain top talent, instil a sense of purpose and improve employee engagement.
In 2020, Generali designed a unique all-employee share plan that empowers its people to drive social change.
Simple to understand and pioneering in structure, We SHARE - The Generali Ownership Plan encourages their 70,000 global employees to help care for those most vulnerable in society.
Let’s take a look at Generali’s socially aware approach to share ownership.
“If your company is looking to recruit and retain the best talent it may be time to look past traditional perks such as gym memberships and swanky offices and use your share plan to offer a rewarding, engaging and meaningful employee experience.”
1. Put people at the heart of your corporate strategy
At Generali, entrepreneurship and growth are encouraged, and their teams are empowered to make a difference to people’s lives through the work that they do.
These employee-centric and altruistic principles became a key focus when Generali launched its strategic plan in 2020.
The company strived to ensure alignment of employee performance with their new strategic goals by prioritizing their employees’ needs.
2. Create a common purpose
Generali wanted its We SHARE plan to be capable of reaching out and bringing together people with a common purpose from across the globe for the common good.
To provide a structure and focus for their corporate giving, Generali established ‘The Human Safety Net Foundation’, a charity that aims to help shape a safer future and make a concrete and lasting impact on lives.
3. Incentivize plan participation
A donation of the equivalent monetary value of one share for each employee who actively participated in the company’s share purchase plan was paid by Generali to its ‘The Human Safety Net’ charitable foundation. Employees were also encouraged to make additional voluntary donations to feel personally invested.
Other engagement incentives included free shares, potential share price gains, and membership of ‘The Owners’ Club’, an app offering on-demand financial education and support.
4. Develop a multi-channel communications system
Generali’s well-orchestrated communications campaign was lauded by our judges as one of the most integrated and comprehensive programs they had encountered. The plan had visible top-down support, strong program branding, and its comprehensive communications materials were visible, clear, country-specific, and accessible.
5. Prioritize more comprehensive financial education
Generali provided participants with digital tools to make informed financial decisions via their Owners Club app. This award-winning financial education program provides direct, virtual, on-demand, and borderless access for plan participants all year round.
Financial concepts are made easily understood and its content leverages expert opinion from qualified internal and external sources with themes that dovetail into the benefits of equity and link to the corporate charity.
The result? A successful share plan that fuels positive change
Not only is the We SHARE plan an innovative share ownership program that fits snugly with the company’s ethos, but it also enjoyed a plan participation rate of 35.7% during its three-week enrolment window and won the following GEO Awards:
- 2020 Best Plan Communication
- 2021 Best Use of a Share Plan in Support of Corporate Social Responsibility
- 2021 Best in Financial Education
Today, the Human Safety Net charity is funded by donations from the We SHARE plan, General’s employees, its Vitality membership base, members of the public, and social investors. It works to transform the lives of over 150,000 vulnerable parents, children, and refugees across 23 countries, most recently raising funds to support impacted families with children from Ukraine. Visit the Safety Net website to find out more.