200 Meridian Centre, Suite 150
Rochester, NY 14618
585.350.7273
You Can Flip The whole Page , it's a new Advertising Technique invented by Flippy

Reward and Retain Top Employees

People make a business idea come to life. It is your people you would like to reward and retain. High turnover can be harmful to your business. Fortunately, there are many ways for you to promote the retention of your key employees. Some of these creative ways to help retain and reward employees include:

Qualified Plans

Qualified plans are the most traditional employee benefit program and they have been proven effective. The key is to make certain that the key employees are educated about the plan.

Nonqualified Deferred Compensation

Deferred compensation can be a benefit to highly compensated employees.

NQDC vs. 401K

Both of these solutions can be beneficial. It is important to learn which would be best for your specific situation.

Split Dollar Loan Arrangements

Although tax rules regarding split dollar are complicated, they are still viable and useful compensation tools when arranged properly.

Combining NQDC and Split Dollar

Combining two plan design ideas is often the best way to maximize employee benefits.

Supplemental Executive Retirement Plan (SERP)

This method often uses a vesting schedule which can assure retention of your top executives.

Employee Stock Options

Employee stock option programs are a creative way to retain employees and when used correctly stock options can promote productivity in the work place. Some firms give all employees stock options because they will work harder to increase the stock price of their shares.

Employee Stock Ownership Plans (ESOP)

Having employees participate in this plan can be healthy for the success of your business.

Phantom Stock, SARs or other options?

Almost unknown until 1974, but by 2014 7,000 companies had ESOPs covering 13.5 million employees.

Direct vs. Indirect Compensation Alternatives

Non-monetary compensation, Direct compensation and Indirect compensation used correctly can have a large impact on employee retention.

Non-Traditional Ways To Reward Employees

These are some non-traditional and unique ways to say a job well done to your employees!

 

To learn more about these creative solutions, or for help implementing these solutions in your business please reach out to us. We would love to help you reward and retain your employees!

Click here to contact us!