Keep them or lose them? You should make that decision. Often you do not find that you have a problem until your special people give you two weeks notice. Discuss with us a preemptive plan to make them want to stay and make them want to see you grow.
Do you have quality people who work for you? Perhaps one or two of the quality people are really integral to the growth and continued success of your business. Perhaps they would be difficult and costly to replace. How can you be assured that they will stay with you rather than start their own business or be taken by a competitor? You probably pay them well, they get bonuses and perhaps you even let them have input into how the business is run. But you are not going to give them stock in your company. How do you keep them productive, interested, motivated and happy? How do you make them want to stay with you for a long time, not just until the next bonus is declared? Appel Insurance Advisors has helped business owners design executive retention plans that provide the long term financial motivation that helps keep executives with you and, at the same time, motivate them to become even more productive. Using plans such as executive bonus plans, phantom stock plans, non-qualified deferred compensation plans, or restricted executive bonus agreements as examples, you may be able to minimize or remove the risk of losing your key people.