Do You Have an Employee Retention Strategy?
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The U.S. continues to experience labor shortages across many industries and roles. This increasingly hurts business owners, as attracting and training new employees can be more costly than implementing an employee retention strategy.
According to the National Association of Insurance Commissioners, 71% of small businesses reported that they were dependent on one or two key individuals for ensuring organizational success.
Federated Insurance recognizes employee retention is a business risk that may be managed. To encourage long-term employment while rewarding good performance, Federated® offers a plan to help retain your best employees.
The Benefits of Federated’s Triple Protection Plan
Federated's Triple Protection Plan allows businesses to combine three risks in one plan:
- A Private Bonus Plan can help retain employees. The business owns and pays the premiums on a life insurance policy on the key employee to informally fund a private bonus plan.
- Key Person Coverage can help protect against financial losses associated with the death of a key employee. The proceeds from the same life insurance policy can be used to recruit and train a replacement.
- Family Protection allows the business the opportunity to share some of the life insurance protection with the employee’s family.
