Today’s world is evolving rapidly, making it more challenging than ever to attract and hold onto talented employees, particularly senior management. Here are some strategies that might be beneficial, and these require thoughtful conversations:
- Secure key talent with a Deferred Compensation Plan.
- Establish a “Split-Dollar” insurance program for your executives.
- Consider a creative match for your 401(k).
- Add a New Comparability section to your 401(k).
- Develop a Cash-Balance Defined Benefit Plan.
- Offer Financial Planning to your key managers.
- Present a paid advanced education plan for your key managers and their families.
- Host weekly meals, funded by the employer. Lunch is an excellent occasion for sharing food and discussing challenges and resolutions.
- Organize outings and team-building activities on a quarterly basis.
It’s worth noting that no strategy guarantees 100% retention; turnover is a part of business.
As a great employer, however, if you collaborate with your Financial Advisor to set goals and strategies, the tactical elements will naturally follow. Retaining talent requires thinking outside the box. Always remember, we are all humans with inherent needs for connection and communication.
To establish better executive benefits and truly improve your 401(k), reach out to me at 925-314-8503 or [email protected].