Retain and motivate your top talent by rewarding them with special incentives and compensation plans.
A company’s most valuable asset are their employees. Key-person insurance and/or buy-sell agreements should be put into place to help protect the company in case of an unexpected event or circumstance appears relating to an important employee.
Executive benefit plans can also include special incentives and rewards unique to each executive which in return, helps minimize turn-over rates of top talent.
Below are the different types of executive benefits options available
International medical insurance
International medical insurance is private medical insurance that is valid worldwide and can be an excellent add-on for employees, especially for management and executives. Such policies will allow access to many important benefits including but not limited to:
most advanced treatment anywhere in the world
CT scans and MRI's with no wait time at private imaging centres
immediate care at world-renowned centers and access to more than 53,000 medical specialists
concierge service for all transportation associated with receiving medical care
Key person insurance
Key person insurance provides protection to a company in case of a situation in which a key employee has passed away, became disabled, or has developed a life-altering condition. It provides a company time and money to find a new employee that has the capability to fill-in the key position so that the company can continue to run and protect what you have built. Key person insurance can come in the form of life insurance, disability insurance, and critical illness insurance.
Buy and sell agreements were designed to help business partners manage difficult situations in ways that protect the business and their personal interests. These types of agreements are usually used by partnerships, sole proprietorship's, and closed corporations to make smoother transitions in the event that a partner decides to exit the business, retires, or dies. In a buy-sell agreement, the business share is to be sold to the company or to the remaining members of the business.
Individual pension plans
An Individual pension plan is an employer-sponsored pension plan that is designed to offer enhanced retirement benefits and tax advantages to key employees. Setting up an IPP provide many benefits including:
allows for higher contributions than RRSPs
investments grow on a tax-deferred basis
plan sponsor contributions are tax deductible to your business
employer contributions are not taxable for the employee
fees for set and administration of IPP are tax deductible