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The prosperity of a company rests on the talent,
the capabilities and the competence of its
key personnel. Perhaps you have in your
company such individuals.
These key people may be:
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A salesperson whose performance regularly exceeds those of his/her fellow employees |
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A scientist or inventor who is responsible for the development of
products |
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A manager who has the capacity to manage the daily operations of
the company while allowing the owner to concentrate on its growth |
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A partner or executive who joins the company and has a direct
impact on the revenue of the company |
In today’s highly competitive market, it is just as important to retain a key employee as it is to attract him/her in the first place. A key employee is likely to be noticed by other companies, and may be solicited and poached.
A competitive remuneration package of cash
(wages and profits) is an essential element
in attracting and retaining key employees but there
are other financial tools likely to make a difference.
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A complete program of employee benefits
is now regarded as a basic condition for a
valuable employee |
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A plan to participate in the profits through stock options or phantom
shares |
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A pension plan for retirement |
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A retirement compensation agreement |
Some of these benefits are not taxed immediately to the employee while they are deductible for the employer.
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