Why is MAPFRE launching this plan now? What is the aim?
Our company has a very high index of belonging. Employee engagement and commitment to the company’s aims are very strong. Even so, we want to increase this emotional connection with MAPFRE and allow the employees that voluntarily join the program to financially benefit from the company’s future evolution by receiving the dividend paid to shareholders in cash year in, year out. In the last five years alone, MAPFRE has paid out more than 2.15 billion euros in dividends, always in cash. This makes MAPFRE shares one of the most profitable on the stock exchange in terms of dividends.
How many employees is the plan aimed at and how many are expected to sign up?
This opportunity is open to all MAPFRE employees in Spain, including Group subsidiaries. Tax legislation incentivizes these Plans but establishes certain conditions. For instance, among other factors, the compensation must be exclusively via company shares. Therefore, we are aiming the plan at MAPFRE’s approximately 11,000 employees in Spain. With regard to the number of employees joining the scheme, I reiterate that it is open to all employees. Furthermore, we have set a minimum amount of 25 euros, as we believe it could interest all kinds of professional profiles. However, we have not set a numerical objective because participating in this Plan means employees will receive part of their salary in shares and, although the monthly minimum is low, it is a personal decision that each employee must consider. To help make a decision, employees can find a simulator on the Self-Service tool where they can estimate how much they will make based on their real salary and the amount they want to receive in shares over 2022.
In terms of human resources management, has the concept of emotional salary already been implemented as a reference model to replace the essentially financial compensation schemes of the past?
Yes, undoubtedly, we could say that the very concept of “human resources” is obsolete, and we now talk about People or, in our case, Organization. Most companies already work with people management schemes that include flexible compensation formulas and what is known as emotional salary. The financial side is undoubtedly important, but complementary benefits that create a connection between employees and the company play an increasingly crucial role. This Plan gives employees the opportunity to feel like they own MAPFRE, and receiving an additional salary via dividends is a clear example of an emotional connection.