How To Use Employee Benefits To Increase Income And Improve Key Employees' Retention

How can you be certain your fringe benefit program is competitive, yet affordable? What can you do to ensure your best employees remain with your company? When you consider that the average business owner spends more than one-third of payroll on employee fringe benefits, it's imperative to get the most out of your benefit dollars. By structuring your benefit program using the business concepts below, you can retain your key staff and supplement the salary you receive from your business, all at an affordable cost.

Salary Continuation Planning

With a salary continuation plan in place, you have the financial means to protect you, your key employees and your business from the adverse financial consequences of disability. If the plan is funded with disability insurance policies, the premium payments are considered tax deductible as a necessary business expense of your company.

Qualified Pension and Profit Sharing Plans

Employee-sponsored retirement programs help employees plan for retirement, allowing them to take advantage of special tax breaks. In today's competitive environment, these pension and profit sharing plans are no longer a "fringe" benefit, they're a basic necessity. Employees are able to save with pre-tax dollars (for the most part) while they accumulate tax-deferred interest on their retirement funds. And any contributions you make to the plan are tax deductible.

Golden Executive Bonus Arrangement

The Golden Executive Bonus Arrangement (GEBA), and other executive bonus plans are methods of providing life insurance to employees that give your company a current income tax deduction. The GEBA in particular lets you "Golden Handcuff" your best executives to the company. The GEBA gives you a high degree of control, selectivity, customization opportunities, flexibility and is easy to implement.

Personal Financial Analysis

With our help, you can provide financial analysis services to your key employees. This service helps employees manage their money more effectively and achieve their personal financial goals. By improving an employee's financial outlook with the Personal Financial Analysis program, you also provide a real morale-building benefit.

Group Insurance