Being a senior executive often means having a high level of responsibility and decision-making power. Whilst attracting the right people ensures they will be an asset to your company, you will still need to make sure that they want to stay loyal.
Creating a top-tier benefits package is one way to keep talent in-house. Here are some tips to help you create the best possible package.
Understanding the types of benefits
There are two main types of benefits that you will want to think about. Short-term benefits are things that benefit your executives immediately, such as paid leave, cash bonuses, or a generous expense system. These can be great as new recruits will see the benefits almost immediately. Short-term benefits are also useful for incentivizing workers of all ranks to achieve business targets.
Long-term benefits are those that will enhance your employees’ lives well into the future. This helps to create loyalty to your company, as their options will improve the longer they stay. Long-term benefits can include stock options, trips abroad, and even a comprehensive healthcare plan.
Choosing benefits that attract top talent
Benefits are widely recognized as one of the features that potential hires look for when considering a job offer. Salary alone is not enough anymore. So having the best package possible allows you to get interest from the top talent in your field.
Here are some suggestions for you to consider when building your benefits packages for executives.
Family support and flexibility
Being a high-level employee and juggling a family can be challenging. By offering support and flexibility for those with children or other relatives to care for, you are likely to have more productive and motivated employees.
Part of this can be offering a strong maternity or paternity package, allowing parents to bond with their new addition as well as adjust to a new way of living as a family. After the initial time off, you could continue to support families by offering subsidized childcare or even opening a nursery in your building.
Paid vacations and tours
Everybody needs time off, although some people don’t like using their vacation days. Your company could organize paid vacations for your executives to give them a chance to relax or explore a new country without worrying.
Europe trips have grown in popularity, as the continent has something to offer for all travelers. Giving your executives the chance to soak up some sun whilst experiencing something new will ensure they return refreshed and revitalized.
Stock packages
A financial option that is popular amongst larger companies is offering executives stock options. You could reward long service with the option to purchase stocks of the company. This will allow them to benefit from their hard work financially. You may want to tier this system to allow continuous service to keep being rewarded.
