The option to excel: Isracard has approved an options plan as a reward for its employees
Isracard reports that for the first time in the company's history, the Board of Directors approved an intention to grant options to employees and managers at various levels totaling up to NIS 60 million, thus making Isracard the first company in the finance industry to formulate and implement a large-scale performance options program.
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11/04/2022
Monday, 11 April 2022, 11:30 Updated: 12:31
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The labor market, which is clearly favored alongside the workers, and the thirst for quality workers in the rewarding high-tech industry, cause its effects to permeate other industries as well and change the structure of employment in them as well.
The Isracard credit group has announced that it is launching an innovative compensation plan for employees and managers, so that it will reward them, among other things, with options as an alternative to financial (capital) compensation.
The remuneration plan, based on the granting of options, is designed to encourage excellence and performance, it will make it possible to expand the remuneration granted to managers and employees of the company and its main goal is to connect the personal success of each and every employee to the overall success of the group.
Starting this year, the options will replace the fixed capital remuneration approved for company officers (except for the chairman). In this way, Isracard will be the first company in the finance industry to formulate and implement a performance-based options plan for executives and employees.
Ran Oz, Group CEO Isracard
"The new program marks more than anything the company's transformation from a credit card company to a fintech company that encourages business-oriented business excellence. The transformation requires not only the presentation of advanced services and products at the core of the business, but also the adoption of high-tech industry standards."
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Ran Oz CEO of the Isracard Group (Photo: Pazit Oz)
"Connecting personal success to the success of the whole team"
The company will soon formulate the criteria for obtaining the options, which will be based on excellence, performance and business successes.
The Company's Board of Directors has approved a general outline for the policy, which sets out two cumulative performance conditions for the options to mature: compliance with a minimum capital ratio and compliance with at least 85% of the annual profit target in the year prior to the options.
It is further stipulated in the general outline that the options will mature over a period of three years (divided into portions as determined) and will be exercisable within two years after the date of maturity.
It should be emphasized that the options mechanism is a long-term remuneration that supplements the annual bonus customary in the company.
A performance-based options program will allow Isracard executives and employees to offer the best conditions for realizing their potential and fulfilling their business goals and will connect the personal success of each and every one of the employees and managers to the overall success of the group, similar to the high-tech industry.
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