One source estimates the total cost of senior leadership turnover at a remarkable 40x salary multiplier for executives earning $100,000 – $250,0001.
What would you do if you lost one of your C-Suite executives tomorrow?
As a successful employer, you invest significant resources in the hiring, training and retaining of key employees. Have you considered the impact to your businesses’ bottom line should you unexpectedly lose a top-level executive to a competitor or unexpected death?
Hold onto your top level executives.
The Black Oak Group can help you develop key person plans that create “golden handcuffs”. We can help develop and implement employee stock options or SERPS (supplemental executive retirement plans). Many of these plans even pay for themselves.
Plan for the unexpected.
Replacing a top level employee takes time and money. There are plans available which provide a death benefit that can help cover financial losses that occur at the death of a key person. This type of plan helps assure continuity of the business for employees and customers and accounts payable.
Be prepared.
Contact us today to find out more information about how we can help you integrate key person programs into your businesses’ overall financial strategy.
1. Turnage, Kim. (2015, July 22). Leadership Turnover Costs More Than You Think. Retrieved from http://www.talentplus.com/talent-plus-viewpoint-blog/39-selection/677-leadership-turnover-costs-more-than-you-think ↩