Share schemes can be a real bonus in retaining good employees, but only if you get the right one for you
Companies looking to use bonus or share schemes to attract and retain the very best employees should only do so after careful consideration of all the options available to them.
That was the advice given by one of the most knowledgeable legal minds in the region at a free breakfast seminar, held as part of Humber Business Week.
Nasim Sharf is a Partner with the region’s largest law firm, Wilkin Chapman solicitors and he joined fellow Partner and head of the Beverley office Teresa Thomas to host the event, held at Hull’s Village Hotel.
Entitled, ‘How to Recruit, Incentivise and Retain Talented Employees beyond Pay’, the audience was offered an insight into the possibilities available to SMEs to recruit, and reward key employees, using share incentives.
Nasim is a chartered tax adviser with extensive experience of share schemes. Recognised in the Legal 500 and Chambers & Partners for his work, he joined Wilkin Chapman’s Corporate and Commercial team this spring.
Opening the seminar, he stressed the importance of ensuring the ‘right fit’ for a business.
“Any company must look at its key considerations, to determine exactly what it is trying to achieve. It is quite amazing how you will often end up with something in place that is not really designed to meet the strategic need of the company,” he warned.
Giving an example, he pointed out how a scheme for a salesperson may not, for instance, suit the needs of other employees within the business.
“It is easy to lose sight of what the aim of a particular scheme is,” he said.
Having good KPIs and seeking the best advice possible would ensure that schemes, such as the popular Enterprise Management Incentive (EMI) with its generous tax breaks, were right for an individual business moving forward, he added.
Colleague Teresa Thomas, who heads up the firm’s Employment Law and HR team, stressed the importance of career progression within the workplace as also being a key way to retain talented individuals.
While financial incentives were important, she confirmed that a lack of training, progression and employee relations all came above money as reasons for job dissatisfaction.
“There are certainly many factors that should be considered when you are looking to keep your most talented employees.
“There is a massive pace of change going on at the moment and you need to make sure you are educating and training employees, so they are able to keep up with that pace,” she added.
For more information on share schemes that may help your business, please contact Nasim on 01482 398393 or for HR advise, Teresa is available on 01472 262637.