As a business owner, you know who your key employees are — they are the managers, executives, and specialists who are indispensable to your business. Your challenge is to secure their loyalty, keep them on board, and motivate them to give their all.
If you want your company to grow, you must also attract new talent. So, how do you retain, motivate, and attract key employees when you’re already offering a competitive salary? By providing executive fringe benefits.
Fringe benefits are forms of compensation you provide to your employees that are not part of a stated wage or salary. Fringe benefits and special perks can make all the difference in the world to an executive who is being courted by more than one employer. There are several benefit options available, so you should be able to put together an affordable package that’s right for your business. Remember, you don’t have to cover all of your employees.
Depending on your circumstances, you may wish to reward your top performers with a year-end executive bonus plan or additional life insurance coverage. Another option may be to provide a non-qualified deferred compensation plan to your executives as a supplement to your normal retirement plan. Or, you may wish to consider various salary continuation plans. To remain a competitive employer, look into offering a creative benefit package.