ZINSURANCE |
A blog to help you prepare for life's unexpected
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ZINSURANCE |
A blog to help you prepare for life's unexpected
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![]() Hiring and retaining a quality workforce has become more competitive than ever before. The Great Resignation was a call to action for employers to step up pay, benefits, and reasons for someone wanting to stay with a company for the long haul. Creating a win-win scenario balancing the needs of valued employees while also considering the security and stability of business operations is key. While the Great Resignation focused more on workers at all levels, what is now becoming prominent is the number of executives and managers, CEOs to supervisors, leaving their positions. Why? According to Forbes and a study conducted by Deloitte, an alarming 70% of executives are considering leaving their jobs for workplaces that care more about their wellbeing, which also includes the wellbeing of their families should something happen to them. Executive Income Restoration![]() A healthcare technology firm with 34 executives, while offering a wide range of employee benefits including health insurance, life, disability, vision, dental and more, was underinsured when it came to income protection and key man replacement of its executives. In an ultra-competitive hiring environment, they needed to rectify the short-fall to bolster their key employees’ compensation packages for retention purposes of executives with higher salaries who are vital to the business operations. A Guaranteed Issue Disability plan was added to the overall Group Disability Plan for these key executives which covered 60% up to $10,000 per month income replacement in addition to the group benefit. For 11 of the executives, as an added bonus benefit, life insurance policies paid by the firm were also included in their compensation package. As an employer, there is a fine balance in providing benefits that attract and retain employees along with making sound investments related to employees that also protect the business should they become disabled or leave. 7 Considerations in Attracting, Retaining, and ProtectingWhile some of these considerations may be familiar to you, others may also be something you haven’t explored:
Now is the time to re-evaluate and consider how you can gain an advantage in attracting and retaining employees, while also putting extra measures in place to protect your business, your livelihood, and your family. For Your Future, Lori Capozza Zeind www.lczconsulting.com P.S. Looking for other insights to attracting and keeping key employees in this unprecedented environment? Check out this blog, New Workforce Paradigm: COVID's Aftermath, by my client and also my strategic business advisor, Sherre' DeMao.
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About the BlogHi, I’m Lori Capozza Zeind, Archives
April 2023
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