Have you created strategies to recruit, reward and retain key employees?
Bonus plans, compensation, retirement plans and other employee benefits can be important incentives to ensure your most valuable employees have a reason to continue working for you.
Employers commonly award cash bonuses to their key employees. Often, employees spend these bonuses shortly after receiving them and they end up having minimal impact on key employee retention.
Instead of providing executive bonuses as cash payments, consider leveraging them into permanent life insurance, which offers long-term financial benefits for your key employees and a potential benefit for their families.
Learn more about Securian’s bonus compensation strategies
Offering your employees an easy way to save for retirement is another way to show you care about their financial future.
From a defined contribution plan like a 401(k) or profit sharing plan to a defined-benefit plan/pension that is fully funded by your company, there is a range of options available and you can choose how much your business contributes.