BON Hotel Bloemfontein Central initiates staff share trust fund
Earlier this year the owners of BON Hotel Bloemfontein Central officially put their good idea to paper by creating a staff share trust fund which, come October 2016, will see employees being rewarded for their hard work and long service with the allocation of shares in the company.
Share incentive trusts (SITs as they are typically referred to) have been used for many years as a means to implement employee share incentive schemes. Using the General Staff Trust Model, employees are rewarded with the allocation of shares based on length of service and performance and thus receive annual dividends. Government is in favour of this type of broad-based empowerment policy which increases ownership and management of economic activities by the community and broad-based enterprises.
The staff are excited about the share initiative, adds Josephine Mohapi, Director and Administrative Manager at the hotel. “I feel that we are truly benefiting from our hard work and dedication to the company and it is a good feeling to be recognised and rewarded.”
Pieter van Rooyen, General Manager at BON Hotel Bloemfontein Central believes the initiative is a very apt way of recognising staff for their loyal service to the company, “It’s our way of showing that we care and to say thank you.”
The allocation of shares will give staff members a sense of ownership that will have a positive impact on their morale and push them to work harder, and remain loyal – ultimately a rewarding outcome for both employer and employee.