b'ACCOUNTING COLUMNYOUR CONSTRUCTION COMPANYAND EMPLOYEE SHARE OPTIONS WHAT HAPPENS WHEN THE EXPERIENCED OLD IS REPLACED BY A MORE DEMANDING NEW? BY ROHAN JACOBS, PARTNER, MNPts no secret CanadianTHE ROAD TO THREE KEY QUESTIONSI construction companiesEMPLOYEE OWNERSHIP TO ASKAND ANSWERare experiencing change atA number of these growing concernsTry to focus on solutions based on the an unprecedented pacefuelledare common to construction businessanswers to three distinct questions:by (among other factors) changingowners, including questions such as:building standards and biddingHow do you share profits withprocesses, compressed margins and an How can we retain our brightest and aging workforce. your employees?best people? The competition for At the same time, a seismictalent in our industry is intense rightHow do you share more ownership now, and I want to make sure that demographic shift is taking place.we are able to maintain strong and value with your employees?Millennials will soon overtake babybench strength.boomers as the largest generation in theHow do you share future growthCanadian workforcewith qualitiesWe would like to share some of ourwith your employees?and work styles that may differ from their predecessors. This new generationprofits with our people in a wayThe answers to these questions will vary is demanding a more collaborative,that makes sensetied to the realdepending on your business and owners more participative work environment,performance of the company. Howobjectives, but foundational to any and it is expected that this trend willdo we do this? situation are a few key considerations:only continue.We need to develop more training What are your objectives for a profit-In fact, the battle to attract and retaintime and invest in our upcoming capable, motivated peopleof anyleaders to increase the likelihood ofsharing or employee share ownership ageis a challenge, particularly inthem staying with us. plan (ESOP)? For example, are you regions where construction activityattempting to attract new talent? is robust. Add evolving building andAll the goodwill in our business isKeep strong employees? Transitionenvironmental standards, applicationsin our people, so its possible ourout of your business?of so-called smart technology andemployees could buy all or parts of the additional intricacies in acquiringthe company one day. How do we doIs your focus on sharing profits withcontracts, and you have an increasinglythat in a way that makes sense, andyour existing and future employees, complex business environment. we still retain control? or is it only on current employees?22 SOUTHERN INTERIOR CONSTRUCTION ASSOCIATION'