Oman Cables Employees Become Shareholders for the 2nd Consecutive Year - Middle East News 247
July 14, 2024

Oman Cables Employees Become Shareholders for the 2nd Consecutive Year

Oman Cables Industry (OCI), the leading cable solutions provider in the Sultanate of Oman, is proud to announce the continued success of its inclusive share ownership plan, now in its second consecutive year. This groundbreaking initiative, first introduced in 2022, emphasizes OCI’s commitment to empowering its employees and giving back to them this year. Notably, 70% of all OCI employees have doubled their shares within the past year as a result of the program’s success.

This plan aligns with the Environmental, Social and Governance approach, reflecting OCI’s commitment to retaining and empowering its workforce. The plan covers both desk workers and non-desk workers and is a cornerstone of OCI’s ‘Empowerment, Innovation, and Excellence’ vision. It grants employees shares of Prysmian Group, OCI’s strategic partner, based on achieving specific local and regional targets.

Erkan Aydogdu, CEO of Oman Cables Industry, commented: “We are thrilled to celebrate the success of our pioneering initiative that transforms our employees into shareholders of the company. This remarkable accomplishment highlights our commitment to recognizing and rewarding our team’s dedication while fostering a diverse and inclusive workplace. At OCI, we continuously seek innovative ways to empower our employees and involve them directly in our collective success.”

This initiative, as part of OCI’s vision, is contributing to Prysmian Group’s Social Ambition 2030, which aims to bring 50% of employees globally on board as shareholders and enhancing the financial engagement of the employees towards long-term interests and performance of the company.

As a pioneering move in the industry, OCI has implemented a comprehensive welfare policy which states that in the unfortunate event of an employee’s demise under specific conditions, the company will provide a monthly subsidy to the spouse or child under their 19th birthday or for a period of maximum 15 years whichever comes first. OCI also extends its support to the affected families by committing, under specific conditions, to offer employment opportunities to these children once they are of working age. This initiative not only ensures immediate relief during a difficult period but also secures long-term financial stability for the deceased’s next of kin, in keeping with OCI’s broader goals of creating an inspiring and supportive work environment.

Moreover, OCI has introduced a unique parental support policy wherein it offers a generous baby bonus of OMR 900 for each infant to eligible employees with a newborn. Lactation rooms have been set up in the Muscat and Sohar facilities to support working mothers, an initiative that will soon be expanded to all OCI offices in the region. With the implementation of these policies, OCI is set to provide financial assistance to families welcoming a new member into their homes and create an inclusive workplace for women employees with very young children.

OCI’s successful share ownership plan, along with its employee welfare and parental support policies, reflects a steadfast commitment to building a positive and engaging environment for its workforce. As OCI continues to prioritize the well-being of its employees, it sets a benchmark for inclusive growth and sustainable development in the industry.

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    Middle East News 247

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