Sienna Senior Living (SIA) is announcing a novel employee share ownership and reward program.
The Sienna Ownership and Reward (SOAR) program will award Sienna common shares to employees who have been with the company for one year or longer. Full-time employees will be awarded C$500 in common shares while part-time employees will receive $300 in common shares.
SOAR will involve an initial $3 million investment to issue 185,000 new common shares, as well as educational opportunities to support employees' decisions to become owners. Sienna is also introducing an employer matching program for employees who wish to further invest in the company.
SOAR is the only such program in the Canadian seniors living sector.
Nitin Jain, President and CEO of Sienna, commented,
"Not only do we want to recognize the compassion, effort and dedication that team members bring to our residents and communities every day, we want them to benefit from their significant contributions. When we think of the effort and investment our employees bring day in and day out in seniors living, we simply cannot think of anyone better suited to be invested as owners in our company."
Sienna Senior Living offers a full range of senior living options.
Sienna Senior Living (SIA) is down by 0.26 per cent and is currently trading at $15.56 per share as of 12:40 pm ET.