At its recent annual award ceremony, ProShare, the highly regarded voice of employee share ownership in the UK, announced Redgate Software the winner of the Best Commitment to Employee Share Ownership in a Private Company.
The awards aim to recognize companies which have introduced share plans across a broad range of categories from best international share plan to the most effective use of technology in implementing it. Shortlisted contenders for the latest awards included a range of blue-chip companies from Astra Zeneca to Rio Tinto, Boeing to Shell, Aviva to Schroders.
Redgate caught the eye of the judging panel with its Long Term Incentive Plan (LTIP) which awards its people market value options and enables them to share in the ongoing success of the business rather than just in the year’s profits.
When Redgate launched the plan in late 2022, it aimed to be deliberately different in the sector by giving its people a deeper sense of ownership in their work, and incentivizing them to create value for themselves as well as Redgate and its customers.
Importantly, the new share plan gives everyone in the company the opportunity to benefit from the shared success moving forward. With the growth of the company touching every role, from the facilities team to the C-Suite, Redgate recognized it was something that everyone had the power to influence, and that everyone should gain the rewards.
The appeal of the scheme is virtually universal, with 99% of Redgate staff enrolled on the plan. Perhaps more importantly, there is a change in the mindset of staff, with the philosophy boosting the commitment to creating value.
As Steve Mitchell, Redgate CFO, comments: “What we wanted was a rewards scheme in which the incentive – to work hard and help Redgate to succeed, increasing the value of the company and then receiving a stake in the business – is woven into it. We couldn’t be more thrilled by the uptake and the impact it’s made so far – it’s testament to the investment we’ve made into our whole workforce and the future of Redgate.”
That future is also looking particularly bright for Redgate. Founded in Cambridge UK in 1999, Redgate has grown organically without venture funding and now employees nearly 500 people based in offices across Europe, the US, and Australia. Recognized as the leading provider of software solutions for database DevOps, its products are used by 800,000 people in every type of organization around the world, from small businesses to 91% of the Fortune 100.
With a mission to help businesses get the most value out of any database, on any platform, anywhere, Redgate continues to grow and the LTIP will encourage its team of highly skilled people to stay with the company on its journey – and encourage others to join them.
Further information about the opportunities available in its UK, US, German and Australian offices can be found on its career pages at www.redgate.com/jobs.
About Redgate Software
Redgate makes ingeniously simple software used by over 800,000 IT professionals around the world and is the leading Database DevOps solutions provider. Redgate's philosophy is to design highly usable, reliable tools which elegantly solve the problems developers and DBAs face every day and help teams get the most value out of any database, on a growing number of platforms, anywhere. As well as streamlining database development and preventing the database being a bottleneck, this helps organizations introduce data protection by design and by default. As a result, more than 200,000 companies use Redgate tools, including 91% of those in the Fortune 100.
Allison+Partners for Redgate Software