With many businesses suffering heavily as a result of the pandemic, real estate has been one of the worst affected areas of the industry.

Therefore, it is more important than ever that companies consider and take steps to maintain and appropriately incentivise senior talent within their ranks, even if it may be the case for senior employees to find it unattractive and indeed difficult to look for alternative jobs in the current circumstances. 

Remuneration structure 

The remuneration structure ought to be kept under review and fluid during these times. If there is a bonus pot for past performance prior to the pandemic, it is important to consider remunerating senior employees appropriately for their past performance in accordance with their employment contracts and remuneration rules. Employees should not be unnecessarily penalised under the guise of the coronavirus when it's clear that their past performance warrants a bonus. 

Protect the talent 

There are other tools that may be offered to senior employees such as directors' and officers' insurance which is designed to protect directors and officers of a company from loss resulting from claims made against them in relation to the discharge of their duties as directors or officers. It is important to support directors in their discharge of statutory responsibilities and this is a good way to achieve that objective at a moderate cost to the company. 

Long-term incentives 

Thinking about long-term incentives such as shares may be especially important in these times to facilitate the company to maintain their talent for the long-haul. It's important at the same time to emphasise the benefits of a long-term service for the company and the protection that this affords them financially. 

Protect the company at the same time

But remember that offering incentives and protection for senior employees is not a one-way street and the company should protect itself at the same time. If the company is offering additional or new incentives or remuneration, this opportunity ought to be used to protect the company in the form of post-termination restrictions and confidentiality undertaking (if there isn’t one already). Such contractual maneuvers should always be on top of mind for businesses when offering incentives to senior employees.