Remuneration of key people within an organisation and incentivising employees in general are critical success factors in business today. Get your remuneration packages right and it will help you to attract reliable employees with the skills your business needs. Get them wrong and you will be unable to recruit or retain these people.
Since the remuneration package is the most visible part of any job offer, you must pitch it right to interest the right people.
Share-based remuneration, and specifically share options, has long been a favoured method of incentivising key staff. However, the landscape for such plans has changed dramatically in recent years with tax and accounting frameworks becoming increasingly more complex.
A number of Government-approved schemes provide tax breaks for employees who participate in, for example, the Enterprise Management Incentive scheme (EMI) and Company Share Option Plan (CSOP). However, the conditions are often extensive and must be strictly adhered to in order to ensure that benefits are obtained.
Unapproved schemes can also be advantageous from a tax point of view, but the minefield of updated legislation and new disclosure rules must be successfully navigated for the tax liabilities of the individual participants and the company to be minimised.
Employee benefits packages
Bonus schemes and effective employee benefits packages - including life cover, critical illness and life insurance, private medical insurance, income replacement and company cars - should not be overlooked as they also play an important role in attracting and retaining staff.
Together with our associates in the Group Employee Benefits Division at Carrwood MacIntyre we're able to assist in all of the above areas. They have been working with us for many years in providing our clients with advice on the following insured benefits:
- Pension schemes
- Group life assurance
- Group income protection
- Group critical illness
- Private medical insurance (PMI)
- Dental insurance