How to keep your best employees loyal!
Employee retention, especially in highly competitive industries and/or a tight labor market, is an issue facing many business owners. How do you attract, retain, and keep satisfied the most talented and productive members of your labor force?
Many business owners have learned the hard way that just throwing additional dollars at the employee in the form of increased salary or cash bonuses only goes so far, and once the money is spent, there’s no real control over the outcome. Some business owners decide to use only the “stick” part of the employee retention equation via non-compete agreement, but sometimes adding a “carrot” can make this medicine go down much easier.
In this episode hosts Will Steih and Josh Null discuss one possible concept for business owners to consider as a solution called “Non-Qualified Deferred Compensation (NQDC). NQDC can be a useful tool to attract and retain talent, while also maintaining some level of control over the agreement. Tune into this episode to learn:
- How NQDC can be used as a tool to keep key employees loyal in a competitive hiring or business environment.
- How NQDC can potentially be structured as key person protection using life insurance.
- How there is a cost recovery component to NQDC plans that may have more “punch” than just providing additional W2 income to a key employee.
- How NQDC can potentially allow an employer to carve out additional benefits for their organization’s key employees.
You can find our Non-Qualified Deferred Compensation resource center by visiting https://gulfcoastfa.com/business-owner-center/non-qualified-deferred-compensation . If you would like to continue the conversation with Josh and Will, make an appointment on our website at https://gulfcoastfa.com/, or feel free to call 251-327-2124 or email jnull@gulfcoastfa.com.