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You’ve found and trained the perfect employee. And now, this individual is making your business better and more profitable. Then, two things happen. First, this employee has visibly helped your company and has become an even bigger player in the industry. Second, your competitors have noticed, and now this employee has become a target for your competition to steal from you. You don’t want to lose this employee, but you also want to offer something that lets them know you appreciate them. You need a plan.
Also known as “golden handcuff plans,” employee retention plans are designed to offer key employees a substantial reason to stay with you. These plans are designed to do two things:
- Protect the company from the loss of an employee
- Provide significant economic benefits to employees for staying
These plans allow you to pick and choose who gets a plan. They’re also highly customizable, which means you can give each employee a plan tailored to them.
Employee retention plans are called many things, such as:
- Reduction of salary and bonus deferral
- Supplemental Executive Retirement Plans (SERP)
- Excess Benefit Plans
Employee retention plans often come in two parts: an agreement and a funding vehicle. To learn more or to get started, schedule a consultation with one of our specialists today and get started. Or simply fill out the form, and we’ll get back to you quickly.