Wednesday 22 November 2017

A simple and cheap way to get the best from your staff

THERE is a scheme available to companies that will boost productivity, lower absenteeism among staff and push up sales.

Oh and it costs nothing.

So why, you might wonder, are more domestically owned companies reluctant to introduce employee share-ownership schemes?

It is a hard one to answer, especially as we have seen in this country how multinationals have twigged the benefits of these schemes and use them extensively.

The old stories of the cleaner in a technology company who gets share options when the company is starting off and ends up a millionaire in their 30s is the stuff of legend.

But an organisation that encourages greater employee financial involvement here has called on the Government to introduce measures in the Budget to incentivise greater employee share-ownership.

At its annual conference yesterday, the Irish ProShare Association said employee financial involvement had an important role to play in boosting Ireland's competitiveness and aiding economic recovery.

The ProShare Association referred to a recent study carried out in the UK, which showed that share ownership gave employees the incentive to work harder and innovate.

Approved profit-sharing schemes allow an employer to give an employee shares in the company up to a maximum value of €12,700 per year, tax-free. It seems like a no-brainer.

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