Whitmill assists employers to achieve the key goals of a meaningful and effective human resource strategy for their employees and executives. We can provide trust and company formation and administration services that match the needs of each individual engagement and our team has the expertise and knowledge to establish and administer schemes that provide for the incentivisation and remuneration of staff for loyalty and performance.
Providing an efficient service for clients, Whitmill has developed strong relationships with a number of International Banks for the provision of electronic banking links enhancing the ability to administer structures with multi-currency capability and to make payments to beneficiaries in a timely and cost effective way.
As trustees and administrators with many years of experience, we have, together with appropriate professional advisers helped companies develop employee benefit strategies that cater for the needs of recruiting and maintaining internationally mobile employees and third country nationals.
Retaining key executives and staff can be a challenge for multinational companies. It is important to ensure that benefits for these employees are comparable and consistent with the overall benefit strategy of the parent corporation, particularly where the employees are working outside of their home countries and sometimes in inhospitable or challenging environments.
Solutions that we are able to offer include:
- Employee share incentive plans
These share schemes can be used in a tax efficient manner to allow all eligible employees to acquire a shareholding in the employing company through a mixture of personal savings and employer gifts, which can be tied to those savings.
- Long or medium term incentive plans
Long or medium term incentive plans usually involve an award of shares to an employee contingent upon the achievement of certain performance targets, which can be set at personal, team or organisational level. The awards may be held in trust until the expiry of the performance period and then released if the performance target has been achieved.
- Employee ownership plans
Transferring ownership of part or all of a business from the current owners to the employees can be an attractive proposition, either to achieve an exit from the business or to generate and foster a partnership culture. This can be achieved by using an employee benefit trust which owns or part owns the business for the benefit of the employees. The profits of the business can be used to pay the purchase price over a number of years or provide profit sharing bonuses to the employee owners. By using a trust, the company eliminates the need to issue, cancel or transfer shares as employees join or leave the company.
- Company share option plans
These plans allow employees to benefit from the growth in the share price of the employing company over a period of time by granting the right to buy shares at a future date at a pre-determined price. By using a trust, the company can ensure that shares are set aside in order to meet the implicit promises.
- Deferred compensation plans
Deferred compensation plans often involve an award of cash bonuses to employees or executives conditional on achieving certain performance targets over a specified period of time. Use of an independently managed trust gives employees the security that the financing is in place to meet the proposed bonuses.
- Pension plans
Multinational companies often operate in territories where the local market for the provision of employee benefits, such as pension plans, is underdeveloped. The philosophy of the employer may be to provide similar benefits to all of its employees globally, where practical. A solution can be to establish an offshore plan using the skills and expertise of the offshore centre to deliver a local solution.