Enabling purpose, partnership, and performance
Employee Share Purchase Plan: Working to exceed employee expectations.
Dec. 11, 2019, was a momentous day for the oil and gas industry as Aramco commenced trading on the Tadawul stock exchange.
It has now been more than a year since the company’s initial public offering, and Aramco continues its efforts in excellence and an even stronger commitment to the Aramco family.
Therefore, to further strengthen the alignment between employee and shareholder interests, Human Resources (HR) introduced the Employee Share Purchase Plan (ESPP), which was successfully launched in November 2020.
The ESPP is an opportunity for employees to purchase shares at a discounted rate of 20% off of the closing share market price. Aramco is the first company in the country to launch such a competitive program of this size.
In the short time since the program’s launch, participation in the ESPP has reached a level of 31%. The program has been well received with high contribution percentages chosen by participants.
The ESPP is one of the many initiatives taken by the HR Policy and Planning (HRP&P) Department to ensure that all employees feel a sense of ownership and belonging.
“Our goal is to exceed our employees’ expectations by providing them an opportunity to share in the success of their efforts,” says Abdullah Z. Al-Otaibi, director of the HRP&P.
The launch of the program was accompanied by information sessions presented by a team from HRP&P. Sessions were held on a daily basis in English and Arabic for five consecutive weeks (59 sessions in all) to ensure that employees understood all components of the ESPP.
The engagement was substantial and reflected employee interest and participation, reinforcing our commitment to be a global employer of choice.
Despite the disruption caused by COVID-19, Aramco continues to deliver with resilience. Introducing the ESPP is one of the many ways we create intrinsic alignment for our employees to embody the purpose of Aramco.