Recruit. Retain. Reward. Strategic steps in the process of building a strong executive team.
Besides base salary and basic benefits package, there is an array of financial perks employers can choose from to attract and hold onto highly prized talent. Unlike an annual bonus, extra vacation time and a private parking space, incentive-driven perks can be designed with a pay day triggered by years of service and/or performance results.
Numerous IRS-approved secure strategies to supplement income, defer taxes and preserve wealth are available to reward one or a group of executives of both for-profit and nonprofit entities. These plans appeal to executives and employers alike because of their design flexibility.
For obvious reasons, employers are always competing for and striving to retain top talent. The cost to replace a key employee can be rather expensive, plus the loss of that individual’s contribution becomes quite a stressor to an employer. Isn’t it conceivable that while you have been concentrating intently on growing your bottom line, you may have taken for granted how valuable your executive team’s contribution has been in getting you there time after time?
Regardless, whether you are looking to hire or considering ideas on how to retain your proven achievers, Essential Strategies stands ready to help you explore your options and implement your decisions.
Consider the possible impact on your company by ignoring Will Rogers’ recommendation if your competition has already taken seriously his message concerning executive perks: