Start-ups face fierce competition in the tech sector. Attracting and retaining talented engineers and programmers is crucial for their success, and they often find themselves vying for top talent with global giants like Facebook and Microsoft. While salary packages can be competitive, start-ups are constantly seeking innovative ways to differentiate themselves. Enter the Key Employee Engagement Programme (KEEP).
KEEP, launched in Budget 2019, aims to empower small and medium-sized companies to attract and retain crucial employees through share-based remuneration.
Despite garnering consistent praise from the government and widespread recognition for its potential, KEEP’s uptake has been somewhat underwhelming. Every budget speech since its inception has prominently featured KEEP, highlighting its importance in supporting Irish businesses. Yet, many start-ups remain hesitant to fully embrace this valuable resource.
Why the hesitancy? Several factors may contribute to KEEP’s limited adoption. Start-ups may lack the expertise or resources required to navigate the complexities of share-based remuneration schemes. There might be concerns about dilution of ownership or uncertainty regarding the regulatory landscape. Further research and education are crucial to address these concerns and encourage greater participation in KEEP.
KEEP holds immense potential for transforming the talent landscape for Irish start-ups. By offering employees a stake in the company’s future, KEEP can foster a sense of ownership, loyalty, and motivation. Unlocking KEEP’s full potential requires addressing existing barriers, providing clear guidance, and promoting its benefits to all eligible companies.
Want to learn more about how KEEP can benefit your startup? Explore the resources offered by Enterprise Ireland and contact their experts for personalized advice.