Recruit valuable leaders and earn loyalty with industry-leading executive benefits packages, enhancing security for the long haul.
Executive benefits are a powerful tool for enticing and rewarding the top people in your organization. These specialized benefits set up your workforce for success with the tools, mechanisms and pathways to attract key employees who will drive your business forward. These benefits create another type of compensation, and help your experienced elites retire when and how they want to, giving your workforce the room it needs to grow.
These types of benefits are important because rules on the books restrict how much can be saved in tax-deferred plans, even with those top-tier benefits. That means those key-decision makers won’t be saving the 70% to 80% of their final income they need to maintain the lifestyle they enjoy in retirement. Reduced retirement savings can mean delayed retirements, and that hurts business as much as it hurts your employees. Even just a three-year increase in average retirement age can mean a 3% annual increase in total workforce cost, or more.
With the right executive benefits, you can help your high earners bridge the retirement income gap affecting highly compensated employees so they can happily move into retirement and welcome in the next generation of top talent.
When executives and key employees depart unexpectedly, replacement becomes the next hurdle. Replacing an executive can carry a hefty bill. From screening and interviewing to morale and institutional knowledge, the direct and indirect cost of replacing a key executive can reach 400% or more of their annual salary. Fortunately, you have options for a smooth transition without incurring excessive costs. An executive benefits plan can also help you implement incentives and special features designed to increase company loyalty in leaders who drive your business. How do you make sure that your most valuable assets – your top executives – feel rewarded, valued and motivated to continue making your company great? Create an executive benefits program that helps give them long-term financial stability.
Our Executive Benefits team has one main focus: to build the best executive benefits package for your company and its key people.