Traditionally, when a company want to motivate or appreciate employees, they will give you a salary raise or leave. There’s a Ugandan company that has taken it a notch higher by allowing employees to buy a named number of the company’s shares at a price within a certain period of time. This is probably the first company in Uganda to execute this.
Fenix International, Uganda’s next-generation energy and financial services company, has an inclusive employee ownership programme, dubbed Fenix Flames, which seeks to do something unique and opposite. Their’s is a scheme designed to offer a pay-out to all full-time Fenix employees, so as to benefit from the company’s increased performance and value creation, and in the event of an acquisition or public listing.
Following the company’s recent acquisition by global energy company ENGIE, over 350 African-based employees including sales managers, call centre staff, support teams, chefs, cleaners and guards, will each receive a pay-out as part of the programme. The longer-serving employees will have the benefit of up to 2-5 times of their gross annual salary, the first of its kind in Africa.
As part of Fenix’s mission to create a lasting solution for the African market, as well as to ensure long-term interest in the business, the solar company wants to attract and retain the best talent, so as to continue the acceleration of rapid expansion.
Fenix International CEO Lyndsay Handler said that the company believes that employee ownership is powerful and that the Fenix Flames programme drives the team to go above and beyond to achieve their targets of collaboration ‘across traditional department lines, and operation with integrity and to achieve profitability.’
“We spent over two years working with lawyers, investors and financial advisors to carefully craft the Fenix Flames programme and all of this hard work has paid off.”
It comes with additional Benefits
Fenix will provide employees with additional assistance such as increasing professional development, comprehensive health insurance, parental leave, and other non-pecuniary benefits.
The company is also willing to offer advice and information to entrepreneurs and investors interested in how such employee ownership programmes can benefit them and what it takes to make them possible.
Image: Fenix international