From Employee to Shareholder: Oman Cables Industry Rolls Out 2023 Profit Share Program

(MENAFN- Onliii Communications) Oman Cables Industry (OCI), the leading manufacturer of energy cables and innovative service provider in Oman, part of Prysmian Group, is proud to roll out, again this year, its successful profit-sharing initiative for 2023.

The initiative was first introduced in 2022 and was embraced by OCI’s workforce thanks to Prysmian Group support. The continuation of the program highlights the relevance of OCI within Prysmian Group and OCI's ongoing commitment to recognizing its employees’ dedication, while encouraging a proactive part in the company's success.

Fabrizio Rutschmann, Prysmian Group Chief HR Officer commented: “We firmly believe that when employees become shareholders, their level of engagement is higher as they feel more part of their company mission. Looking ahead, this is one way to get more motivated employees which is fundamental to achieve more ambitious results. Moreover, the best companies work to generate value4all: shareholders, employees and stakeholders, like the local communities in which we operate. Through these programs we aim to generate more value and share it also with our people”.

Under the leadership of OCI's CEO, Cinzia Farisè, this rewarding program works by aligning the goals of employees with the success of the company, encouraging a sense of ownership, motivation and teamwork. Eligible employees will receive a portion of the company's profits based on predetermined criteria.

Cinzia Farisè, CEO of Oman Cables Industry, said: "Building on the successful and positive feedback we received from last year’s profit-sharing program, and with the endorsement of OCI's board, we are delighted to relaunch this fulfilling initiative. The program aligns with our company's good performance while recognizing and rewarding the individual achievements of our dedicated workforce. The reward system is designed to incentivize employees to reach annual targets, which helps to ensure both the company's growth and individual development. This initiative also aligns with the Environmental, Social, and Governance (ESG) approach, reflecting OCI's commitment to retaining and empowering its workforce.”.

OCI's profit-sharing initiative caters to its diverse workforce and rewards employees across various roles, including those working in desk and non-desk roles. This inclusivity reflects OCI's commitment to encouraging a diverse and inclusive environment where every employee feels valued and plays an active part in the company's journey to success.

OCI introduced an inclusive share ownership plan in 2022, enabling employees to become shareholders of Prysmian Group. This development marked a proud moment for OCI as its workers were offered the chance to have a vested interest in the company's future. As part of OCI's vision, the company is contributing to Prysmian Group's Social Ambition 2030 and strives to achieve 50% employee ownership within the organization.

This vision is brought to life through OCI's stock ownership plan, which enables eligible employees to convert all or part of their bonus into company shares.

In the evolving landscape of today’s corporate culture, OCI remains committed to empowering its workforce. The profit-sharing initiative highlights the company's dedication to innovation, employee engagement and sustained success.

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