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MNP careers are Different by Design. As an entrepreneurial firm, we truly believe there are no limits to where your career can go.
Building Resilience, and Bench Strength for Changing Times.
It’s no secret Canadian construction companies are experiencing change at an unprecedented pace – fueled by almost daily shifts due to the impact of COVID-19, compressed margins, an aging workforce, and bidding processes,
At the same time, a seismic demographic shift is taking place. Millennials will soon overtake baby boomers as the largest generation in the Canadian workforce, with qualities and work styles that may differ from their predecessors. This generation is demanding a clear career path, a more collaborative work environment, more information, and more work / life balance, and this trend will only continue.
In fact, the battle to attract and retain capable, motivated people – of any age – remains a challenge, even in today’s complex environment. This is where employee share ownership plans and profit sharing can come in.
There are a number growing concerns are common to construction business owners, including challenges such as:
Consider the following when planning your future and the future of your business:
The answers to these questions will vary depending on the business and owners’ objectives, but foundational to any situation are a few key considerations:
It is possible to combine these outcomes and develop a system that answers all the questions, but any solution, no matter how complex or simple, should specifically address these questions
Employee ownership programs can be autonomous or combined with profit-sharing programs. Generally, they allow for all or only certain qualified employees to become direct owners in the company. Critical factors which lead to successful ESOP’s include:
Both profit and ownership sharing programs have enormous value in the right situations. Spending the time upfront to plan and clarify the needs of the business, its owners and employees, will go a long way to help develop a structure and implementation plan that makes the plans successful.
For more information, contact Eben Louw, CPA, CA, Partner, Business Consulting – Assurance, at 604.853.9471 or [email protected].
Related Topics:Employees; Retirement; COVID-19