Executive Benefit Design
When we meet with companies about executive compensation whether it is our first conversation, or they have been clients for years we ask these three simple questions:
- What is the ROI on your compensation plan?
- Does it incentivize both short and long term growth?
- How is your plan keeping your top people from leaving for a competitor?
All employers ultimately face the same problem: how to attract, retain, and incentivize your key people. Key people drive revenue, establish a culture of success, and create the foundation for future success. Losing core team members to either a competitor or complacency can be more detrimental to a company’s financial health and future viability than virtually any other factor.
We find that employer benefits are often acquired “a la carte” over time as a business continues to grow and are frequently structured as “one size fits all,” offering the same level of benefits to the hourly worker and the key person alike. This type of business practice inevitably produces large gaps in coverage which negatively impacts key employees and leads them to leave your company or even worse become complacent.
Whether creating a plan from scratch to helping to improve the effectiveness of your existing plan, PRM has the skill and experience to meet your needs. At Professional Risk Management we can help you design a custom comprehensive compensation plan that fits your business goals, drives growth, and enhances long term retention of your key employees.
310 N. State Street, Suite 206, Lake Oswego, OR 97034