Managing equity plans could play a critical role in fostering an ownership culture within your company, centered around the following two core principles:
1. Attracting and retaining top talent by empowering employees to feel invested in the company and their own financial success.
2. Supporting equity initiatives while efficiently managing the growing costs and complexities of administering a global equity plan.
To achieve these objectives, partnering with an equity compensation provider that is equipped with the right technology and resources could be helpful. If your current provider is falling short, it may be time to consider a switch.
Although switching providers can be challenging, particularly in times of economic uncertainty and budget constraints, carefully evaluating the potential benefits offered by a new provider and asking the following questions could enable you to make an informed decision before proceeding:
One effective approach is to start by engaging with your internal stakeholders and teams involved in equity plan management. This includes holding open discussions to understand their concerns, gather feedback and address any questions while also utilizing a potential stock plan provider for support. For instance, Morgan Stanley at Work initiates each new prospective relationship by conducting a thorough preliminary meeting. This meeting serves as a platform to understand your company’s objectives, challenges, equity types issued to participants and long-term goals. We then develop a tailored plan to outline how we could help address your company’s specific needs, reduce costs and enhance operational efficiencies.
This transparent approach could arm you with the tools and resources needed to build support among internal stakeholders, navigate potential challenges and arrive at an informed decision that aligns with your company’s objectives.