Is A Custom Solution Right For You?
Do You Have the Right Benefits Package & Retention Strategy for Your Executive Level Employees?
These days, it can be challenging and costly to fill high-ranking executives or positions and find replacements for high-performing employees. As such, businesses and organizations across many industries have taken it upon themselves to explore new strategies to keep their current executive team and other key leaders engaged and willing to stay on board for the long haul. Among the greatest incentives to stay with a company are the benefits and the willingness of the company to invest in the growth of their team. Here are a few examples of ways to optimize these kinds of incentive and retention strategies.
Before we get into specific ideas for revitalizing your retention strategy, it’s worth keeping in mind that a custom solution is often necessary. Not everyone is motivated, inspired, and engaged by the same incentives. To cover a range of preferences, it may be worth exploring a wide range of these benefits and incentives on an elective basis.
Learning cannot become an afterthought once individuals reach the executive level. Nothing disengages a company’s most ambitious workers more than feeling stuck in their role. In fact, several studies suggest that 80% of GenZers and Millennials would prefer to leave companies that do not offer professional development opportunities.
As we alluded to earlier, cookie-cutter compensation is not suitable for C-level employees. Remember, there will always be a market for C-level contributors across virtually every industry. To keep your most critical contributors’ content where they are, your benefits should meet their needs at this point in their life. For example, while no young C-level employee is going to say no to a compelling 401k plan, they may also have interest in other plans with accessible distributions prior to their retirement. Conversely, a supplemental executive retirement plan (SERP) would most likely be the more compelling option to top-level employees entering the latter half of their careers.
Often, executive and key person compensation and benefit strategies are introduced and then seldom discussed. Partly due to the unnecessary complexity of the design and partly due to poor educational material, access, and communication channels, revisiting the strategy too infrequently means out of sight out of mind. The ongoing access and communication regarding the program are critical to ensuring that the program is understood and valued. Work with TriBridge Partners to design an effective plan design that is easy to understand and explain and with greater impact.
To discover how our experts can assist your organization or business, please call our office today at 240-422-8799, email Jessica Storck at jessica.storck@tribridgepartners.com, or find us on Linkedin