By Simon Smith
Since its initial public offering on the London Stock Exchange in 2004, Admiral Insurance has been sharing the wealth with its employees. Twice a year, Admiral purchases £1,800 (approx.. $3,000 CDN) of its own shares on behalf of every staff member who has been with the company for over a year.
After a three-year vesting period, the shares are paid out, plus profits, twice a year. The shareholder program is a cornerstone of Admiral’s ‘recognition culture’ and another shining example of the company’s commitment to its employees. Besides the obvious financial rewards, the program offers some additional benefits.
“The employee shares program at Admiral means I’m not just a number, I’m a shareholder in the company.”
- Tiffany Graham, Customer Loyalty
Admiral employees are shareholders and they’re treated like it. Because of the employee shares program, the company has a fiscal responsibility to its employees. Admiral knows that, by keeping their employees happy, they keep their shareholders happy. And the investment goes both ways. With a vested interest in Admiral’s continued success, employees report that they are very highly motivated to meet their targets.
“It motivates me as an employee to know I am working towards goals I am able to achieve just by doing my job!”
- Tiffany Graham, Customer Loyalty Customer Care Representative
Most people who have worked in a big company know that employees’ efforts aren’t always recognized. With the employee shares program, Admiral employees can be sure that their efforts are being recognized and rewarded. In fact, many of Admiral’s veteran employees have used their share rewards to pay off student debt and make major, life-changing purchases.
“I have used my pay-out for girls trips away, paying off my student loan, creating an RRSP and most recently paying for my wedding!”
- Sarah Farrell – Senior Care Representative, Customer Assurance
“With my first set of shares in 2012 I bought a MacBook Pro, fast forward 7 years, I just replaced it with a second MacBook. In the time in between, I paid off over $30,000 in student loan debt and travelled the world, which is an achievement that I never thought possible. In a matter of days, my shares are covering the cost of my Lasik eye surgery. The impact of our share program has enriched my quality of life permanently.”
- Jennifer Porter, Support Staff Member
No matter what they choose to use it for, it’s clear what the employee shares program means to Admiral Employees – recognition.
“I look at the employee shares program as a bonus I receive every 6 months in recognition for my contributions to the company’s success.”
- Jackie MacLeod, Support Staff Member
Taking the recognition further, Admiral even offers additional share incentives to employees who excel in their roles. These ‘star performers’ can take part in Admiral’s secondary share program and earn even more!
Whether you’ve been with the company for 1 years or 10 years, in Halifax or India, working as frontline Customer Care Representative or a tenured Operations Manager, you can take part in Admiral’s employee share programs. It’s the company’s way of showing its appreciation for the hard work of its employees.
The program paid out over $1.2 million in share rewards between 205 employees at its Halifax office in 2019. Before taxes, that’s just under $6,000 in average rewards to each employee for their continued loyalty (and that doesn’t even include dividend rewards)! The employee shares program sets Admiral apart from other employers. It’s unique in the industry and eliminates the stress of budgeting for big purchases or paying off debt.
“It means I’m automatically saving up for the big things in life without having it impact my month-to-month budget. Trips? Home renovations? Already ‘planned’ for without stress. “
- Dan Miner, New Business Team Manager
If you’re on the job hunt and looking for a company that cares as much about you as it does its bottom line, look no further than Admiral. You can apply now to join their Inbound Sales department through the Vacancies Page on the company site.