Computershare Share Plan Survey 2014: Country report for the USA

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1 Computershare Share Plan Survey 20: Country report for the Alex Bryson (London School of Economics and NIESR) John Forth (NIESR) Introduction This report presents the results of a survey of Computershare s employees in the. The aims of the survey were to investigate: employees understanding of the share plan levels of participation and the depth of employees investments in the plan the impact of the share plan on employees motivation and commitment. The survey was open for completion over a three-week period from 28 th March to 18 th April 20 and a total of 1,557 responses were received from the company s 3,750 employees, giving a response rate of 42 per cent. The survey was conducted simultaneously in eight other countries where the firm operates an employee share ownership plan, namely: Australia, Canada, Hong Kong, Germany, Ireland, New Zealand, South Africa and the United Kingdom. These countries provided a further 2,262 responses, giving a global response rate of 39 per cent. The report focuses on the responses of Computershare s employees in the, but makes comparisons with other countries where possible. The Computershare share plan in the The share plan in the is open to any employee contracted to work at least 20 hours per week and more than five months of the calendar year. This is more restrictive than the plans operating in the UK, Hong Kong, New Zealand and South Africa, which allow access to any permanent employee, but similar to the provisions in Canada, where the plan is open to employees working 20 or more hours per week and having at least six months service. Share plan members in the may contribute between $10 USD and $13 USD per month. Shares are purchased at a % discount, up to maximum discount of $3,000 AUD per year. This discounting arrangement is somewhat different from the arrangement in other countries, where employees receive matching shares up to the value of $3,000 AUD. Plan participation in the The has one of the lowest plan participation rates among the nine countries included in the survey, with just 24 per cent of eligible employees being members of the plan (see Figure 1). The low participation rate in the is not simply the product of workforce composition, as it remains lower than that seen in almost all of the other countries shown in Figure 1 after controlling for a range of employee and job characteristics (it is not statistically significant from New Zealand, but the sample size for that country is very small). The participation rate has been falling in the in recent years, as it has in Australia and South Africa. The survey indicated that, overall, one third (33 per cent) of employees in the were either current or past members of the plan, and so only a minority have some experience of plan membership. This contrasts with Canada, for example, where around three-quarters (76 per cent) of Computershare employees have some current or past experience of plan membership. 1

2 Figure 1: Plan participation rates by country, Base: all employees Note: Excludes Germany and Ireland, for which trend data are not available When asked about their reasons for joining the share plan, members in the were less likely than plan members globally to say that they had joined because they considered the plan a good investment (63 per cent, compared with 75 per cent globally) (Table 1). They were also less likely to say that colleagues had recommended it. Indeed, when asked whether they had spoken to fellow workers about their membership decision, only 6 per cent of all employees in the said that they had, and that those discussions were important to their decision; this compared with per cent globally. Table 1: Reasons for joining the share plan, by country Reasons: Australia Canada UK All Good investment Felt positively about company Joined automatically So I could save Colleagues recommended it Experience of plans in other companies Other, not elsewhere specified Attracted by matching shares or discounted share price Observations ,971 Base: Share plan members. Notes: 1. Cell percentages 2. Employees in Hong Kong, Germany, Ireland, New Zealand and South Africa are not shown separately, as the samples sizes in each of these countries is less than 50 employees. However they are included in the All members column. 3. Items in italics were not given as specific response options in the questionnaire. 2

3 Depth of investment in the share plan Plan members in the held a relatively low number of shares on average (a median of just 200 shares, compared with a global median of 900 shares). Similarly, average contributions were relatively low, with the median plan member in the contributing just one per cent of their gross salary to the plan, compared with a global median of 3 per cent and a median of four per cent in Canada. Plan members were asked to rank the value of their holding in the Computershare share plan relative to their other financial investments. Only 11 per cent of plan members in the said that it was either their largest investment or their only investment (Table 2). This was similar to the proportion seen in the Canada, but lower than that seen in Australia and the UK. Table 2: Ranking of share plan holding among employees' financial investments, by country Australia Canada UK All Only investment Largest investment One of top investments Moderate part One of my smallest Observations Base: Share plan members. Note: Column percentages. Employees in Hong Kong, Germany, Ireland, New Zealand and South Africa are not shown separately, as the samples sizes in each of these countries is less than 50 employees. However, they are included in the All members column. Plan members were also asked whether they had exercised their right to vote at the company s Annual General Meeting. Around two fifths (41 per cent) of plan members in the said that they had always or sometimes voted at the AGM, which was higher than the rate seen in Canada (32 per cent) and on a par with that seen in the UK (45 per cent) or Australia (37 per cent). The propensity of members to vote remained higher in the than that seen in Canada after controlling for employee and job characteristics. Employees understanding and valuation of the share plan Employees were asked how well they understood six different aspects of the Computershare Share Plan: how to join; who can join; how much can be paid in; the benefits of membership; how to sell shares; and the best time to sell shares. They were given four response options: "very well", "fairly well", "not very well" or "not at all well". Employees in the understood these aspects of the plan poorly relative to employees in other countries. Plan members in the reported a poor level of understanding (that is, they understood an aspect either "not very well" or "not at all well") for a mean of 1.4 items out of six ( 3

4 Table 3). This was the highest figure seen in any of the nine survey countries. Nonmembers in the reported poor understanding on a mean of 3.1 items, which was on a par with the figure seen in Australia, but higher than the mean of 2.1 for Canada. 4

5 Table 3: Mean "Poor Understanding" Score Across Countries Member Non-member Australia Canada Hong Kong Germany Ireland New Zealand South Africa UK United States All Note: number of times respondent says "not very well" or "not at all well" in response to the six Plan understanding questions. Underlined figures indicate statistically significantly different from the score having controlled for employee characteristics. To establish how important the Share Plan is to employees compared with other company policies and practices employees were asked: "Which of the following things Computershare does is most important to you...change a Life and other charity work; Company Pension e.g. superannuation, 401K retirement plan; employee share plan/stock purchase plan; environmental initiatives including Green Office; equality and diversity initiatives?" Employees were asked to rank the options in order of importance from 1 ("low") to 5 ("high"). The share plan was the least likely item to be ranked top by employees in the (Table 4). Even among plan members, only 5 per cent ranked it at the top of the five company initiatives mentioned in the survey. As in the global survey, members and non-members in the were most likely to give a top ranking to the company pension. Table 4: Percentage of employees giving company initiative top ranking Company policy/practice: Non-member Member All Change-A-Life: 16 Pension: Share Plan: Environmental Initiatives: Equality and Diversity Initiatives: Note: cell percentages. Based on 2,507 respondents globally (1,017 in the ) who provided a 1 to 5 ranking for all 5 policies/practices The impact of the share plan on motivation and retention As one means of assessing whether the share plan has any impact on productivity in the company, the survey asked employees: "To what extent do you feel that Computershare s Share Plan/Employee Stock Purchase Plan.Increases your motivation; Reduces the chance that you will leave the firm; Reduces the chance others will leave

6 the firm; Increases the motivation of other employees; Attracts talented people; Makes it more likely you'll recommend the company to others". Responses were recorded on a four point scale: "Not at all", "Very little", "To some extent", "To a great extent". On each of the five items, at least one quarter of employees in the thought the Plan had an effect - either to some or a great extent (Table 5). Members were more likely to think that the plan had an effect than non-members, but the effects were not restricted to members, with at least one third of non-members perceiving that the plan attracted talented people (35 per cent), increased the motivation of colleagues ( per cent) or made it more likely that they would recommend the company to others ( per cent). However, employees in the generally perceived the plan to have less impact on employee retention than did employees in other countries. Table 5: Percentage of employees perceiving share plan to impact to some extent or to a great extent Extent to which Plan: Non-member Member All Increases your motivation: Increases motivation of other employees: Reduces the chance you will leave the firm: Reduces the chance others will leave the firm: Attracts talented people: Makes it more likely you'll recommend the company to others: Note: cell percentages. Based on 3,369 respondents except responses on chance others will leave the firm where it's 3,309 respondents Further reading The full findings from the 20 Share Plan Survey are presented in: Bryson A and Forth J (20) Computershare Share Plan Survey 20: Report, London: NIESR. Acknowledgements We gratefully acknowledge the advice and support received from Lucy Newcombe, who managed the survey and the associated research project within Computershare. We also gratefully acknowledge the time taken by respondents to complete the survey. 6

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