Finding top talent and retaining them is always a challenge for businesses, especially if there is a shortage of skilled employees in your industry. One way to attract talented employees is by offering them extremely valuable incentives. There are plenty of solutions that you can use to set yourself apart from the competition, including an executive carve out.
Let’s take a look at a few incentives that will help you provide value to your highest-performing employees.
Build Cash Value While Minimizing Your Premiums
Employers will only need to pay a minimum for premiums, but employees will still be able to add additional premiums in order to build cash value. This arrangement alleviates the burden of investment from employers while also providing more incentives to your highest-performing employees.
Bespoke Coverage
What makes executive carve outs so useful is that they are designed specifically for your high-performing employees. It makes sense to include your well-compensated employees in an executive carve out plan instead of a traditional group plan with other employees.
One Limitation of Executive Carve Outs
The only limitation of executive carve outs is that there is no guarantee that they will retain your valuable employees. They may find themselves recruited by a company that offers a better carve out plan. This is why it is helpful to work with an experienced insurance consultant such as Paul Shepherd at Lakewood Ranch Insurance Advisors to help you create the most competitive insurance premiums.
Why Would Your Company Need Such a Policy?
When structured properly, an executive carve out gives you the ability to avoid paying taxes and administration costs. Meanwhile, your employee receives additional benefits because their coverage will grow over time.
This allows employees to get compensated in a way they may not be offered anywhere else. As a result, these employees are less likely to leave your business, saving you the hassle of looking for a suitable replacement and starting the hiring process all over again.
Insurance Advisor Gulf Coast, Florida
It can be a little challenging to find out if an executive carve-out plan is relevant to your company and high-performing employees. Lakewood Ranch Insurance Advisors can help your organization evaluate your options and put together a well-structured executive carve out plan.
Contact our experienced insurance consultant today and navigate the world of insurance premiums to get the best possible coverage while paying the minimum in premiums.
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