Michael Squirrell and Oliver Tasker from Wilkin Chapman LLP will talk about People are your great asset, so how do you ensure the very best stand and grow with you.
THE ability to attract and retain talented individuals is a challenge faced by industries across the world.
With global opportunities available to those who prove to be the best, businesses will always want to employ people who display drive, personality and skill. But they also risk losing that key team member.
Whilst retention is difficult enough for businesses in the larger cities, those running organisations based in smaller towns or more rural areas, can find it even more of a challenge, despite ‘quality of life’ being a big selling point.
Of course, there will always be factors that you are unable to compete against. However, there are ways in which you can become an ‘employer of choice’ and if the very best is out there, they will look at your business as a desirable one in which to work and progress in the longer-term.
For example, have you ever considered offering share schemes to your employees? Issuing shares can be an excellent way of demonstrating your company’s commitment to key individuals and giving them a tangible stake in the company’s success.
Shares and share options can be tax advantageous (and cash saving) mechanisms to seek to retain staff. Attached to them can be stipulations that reward length of service, high performance and commitment.
Of course, even if you decide to offer such a scheme, there will be employees who say yes, who then decide their future is not with you – or the tables may be turned, and you may have cause to let that individual go. If that is the case, you must be clear on how you best manage those situations.
Share schemes are growing in popularity but will not be for everyone (and will not be possible for businesses operated other than as a limited company); it is therefore important that all businesses are aware of other measures they can adopt to keep their best people.
Managing your teams through clearly defined HR processes, with robust retention strategies in place, will demonstrate that you have a well-run and professional business with transparent methods of retention and recognition across the entire workforce.
However large or small your business, setting your people off on the correct foot, will ensure you walk in the right direction.
- Review your skilled and talented workforce; can they be rewarded in different ways?
- Are you struggling to recruit a skilled workforce? Could shares or share options enable you to be an employer of choice?
- If you have an existing share incentive arrangements in place, do they need reviewing?
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