The Irish ProShare Association is running a seminar in Cork on Thursday October 24, aimed at showing Cork companies how expanding employee share ownership can have a positive effect on their bottom line.

At the event, in the KPMG offices on South Mall, IPSA chief executive Gill Brennan and Peter O’Connor, employee ownership specialist at Mercer in Cork, will talk about how companies with employee share ownership are better able to attract and retain talent, and improve productivity and profitability.

Keynote speaker Sinead O’Toole, group HR manager at Dalata Hotels, will tell how a successful employee share ownership scheme has helped Dalata become Ireland's largest hotel chain. KPMG tax director Gemma Jacobsen, as well as Mercer’s O’Connor, will advise on the different types of employee share schemes, how to implement them, and how to encourage participation among employees.

Participants will also learn about changes in government policy on employee share ownership, and and how amendments to the Key Employee Engagement Programme make it easier for companies and employees to avail of its benefits.

Brennan said: “International research shows that employee share ownership is proven to attract and retain talent, and improve productivity and profitability at companies of all sizes. Businesses with some form of employee ownership are typically 5-10% more productive than those without.

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“We want companies throughout the Cork area to come and learn how this sustainable business model can help grow your company. Employees who have an ownership stake in their business are more loyal, innovative, engaged and driven to ensure their firm has longevity. 

“These are the elements that drive successful businesses, so the question has to be asked if employee share ownership achieves these results, why are more Irish businesses not implementing share schemes?”

In 2017, 93.5% of all large European companies had some form of employee share ownership, while more than 500 companies in Ireland had Revenue-approved employee profit-sharing schemes. However, at 6%, the number of Irish employees who are shareholders in the companies they work for is well below the EU average of 21.7%.

IPSA hopes the KEEP changes, which make it easier for employees to hold shares in their company without swingeing adverse tax effects, will improve this low participation rate.

The events is free to all but places must be booked here.