Employers with superior management usually have two major concerns:
How do I reward my employees in a way that encourages them to stay with me?
How would I replace them should something happen?
Planning for key people takes a strategic balance between the needs of the business and the wants/needs of the key employee. In many cases, and especially in small- to medium-size businesses, success depends upon a few top individuals that have niche talents, skills and experience. These key employees are critical to the long term performance of the company.
Specific Areas of Key Person Planning
- Key Person Life Insurance
- Disability Carve-Out Plans
- Non-Qualified Long-Term Care Insurance
- Buy/Sell Planning
- Deferred Compensation Planning
- Non-Insurance Fringe Benefits
- Selective Executive Retirement Plans (SERP)
Recruiting talented leadership in today’s business environment is a challenge. And, once in place, retention of key employees is essential in order to avoid the business disruption and expense caused by the unexpected. Through a simple process of goal identification, solution implementation, and plan management Compass Benefits can help businesses maintain the “edge” they need to attract, enhance, and retain key employees.