Going the extra mile to reward and retain your most important executives
Is there a greater challenge, or more rewarding accomplishment than finding and retaining the most significant employee contributor(s) to your business? While Key Person Insurance provides protection in the event you lose such an employee it is often a better option not to lose the employee.
Some years ago it was in vogue to use the term “golden handcuffs” when, usually, big companies creative incentive compensation to retain their “stars.” Today, any business owner can use insurance as a key retention vehicle. By purchasing/providing a tangible insurance benefit to a key employee who remains in your employ you may have a retention vehicle that makes for a straightforward win-win.
How and how much and what works for you should be a customized decision that you can make with your broker as a trusted advisor to not only guide you to the best value products but also to help you quantify and identify the benefits. If this option can help your business we should have a conversation about how to creatively add this to your special compensation opportunity.