Protect Your Business with a Key-Person Retention Plan
Your business’s success depends on the expertise and leadership of key individuals. But what happens if a top executive, essential manager, or highly skilled employee leaves unexpectedly? A Key Person Retention Plan helps safeguard your company by providing financial incentives to retain crucial talent while offering protection against potential disruptions. With a well-structured plan, you can ensure business continuity, maintain investor and customer confidence, and secure long-term growth. Let’s build a strategy that keeps your top talent committed to your company’s future.
Half of All Key Employees are Looking for Other Opportunities
They may be passively looking. They may be actively looking. Either way, it’s a threat.
Small businesses can be particularly affected by the possibility of one key person leaving. They might be the only person in the geographic area with their skills—and losing them can be devastating. Not only because it can negatively affect operations and morale, but because replacement generally costs around 200% of that person’s income.
Let’s not forget the amount of time it takes to find a new employee. And if that person was a salesperson, there will be lost revenue attached to their leaving.
All of these worries can be eased when you have a key person retention plan backed by Tier 1 Capital’s unique and effective financial strategy. Schedule a time with Tim and Olivia to discuss your options.
Secure Your Most Valuable Employees Without Compromising Your Finances
When you start to see the real cost of losing a key employee, it becomes clear why a key-person retention plan is necessary.
With one that’s tailored to your unique business’s needs, you can…
- Retain key employees without giving away equity
- Identify and optimize cash-flow inefficiencies
- Protect your business and still work toward your goals
- Incentivize loyalty while keeping your business flourishing
The loss of an important person doesn’t have to derail your business—as long as you’re prepared.
Key-Person Retention and More from Tier 1 Capital
We want you to feel financially confident in every area of your business, and that’s why we offer key-person retention plans as well as…
Your business planning questions are always welcome at Tier 1 Capital. Let’s start that conversation today!