Employee Attraction & Retention

SERVICES FOR BUSINESS OWNERS

Employee Attraction & Retention

In cultivating a dynamic workforce, Employee Benefits, Retention Plans, and Incentive Plans are vital components, each serving distinct yet interconnected purposes. Employee Benefits establish a supportive foundation, encompassing healthcare, wellness initiatives, and flexible work options, making your company competitive but not necessarily retaining key talent. Retention Plans are tailored to retain such talent, aligning individual aspirations with organizational objectives to foster loyalty and longevity within the company, while Incentive Plans drive performance by recognizing exceptional contributions, motivating employees to excel and contribute to the company's success. Together, these strategies create a holistic approach to talent management, ensuring that employees feel valued, engaged, and motivated to thrive within the organization.

Benefits Overview

Let’s explore the key difference between standard group benefits, incentive plans, and retention plans 

  • Basic Benefits

    Group benefits such as retirement plans and health insurance don't inherently foster employee retention. These standard offerings are easily replicable, meaning your key employees could secure identical benefits elsewhere without sacrificing anything.

  • Incentive Plans

    Incentive plans, such as cash and stock bonuses tied to short-term performance, serve as motivators for employee productivity but lack retention value. While these rewards stimulate performance, they fail to provide a lasting incentive for your top performers to remain with your company beyond the bonus period.

  • Retention Plans

    Retention plans strategically align the medium to long-term goals of your key employees with your business objectives, offering a compelling incentive for them to remain. Failure to stay would result in the forfeiture of the plan benefits.

Benefits:

  • 401(k) | Simple IRA | Sep IRA

  • Group Life

  • Group Disability

  • Dental 

  • Vision

  • Financial Wellness

Incentive & Retention Plans:

  • Employees are the #1 asset of any business

  • Retention is key to exit

  • Creates a market for sale to an insider

  • Increases salability & purchase price for sale to 3rd party

  • Allows owner to keep business and convert to passive ownership

  • Maintain value in case of unexpected exit due to death, disability, etc.

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