Executive Benefits: Attract and Retain the Key People at Your Association

Compensation is a top reason why people take a job they’re offered over other opportunities. Yet, total compensation is not always clearly communicated and that could mean that your organization misses out on top talent. Total compensation encompasses more than just monetary salary, bonuses, etc. A competitive health, dental and travel plan has become the standard, but also consider comprehensive paid time off. Sick days and/or “wellness” days, over and above vacation days, can be used for medical appointments or stress relief. Supplementary benefits are also a differentiator for an organization. The availability of simple discounts on lifestyle products and services provides your team with additional perks.

Keeping key employees, an executive team for example, happy and healthy also improves the organization. You can see measurable results such as increased membership numbers, increased productivity from high morale and savings through low employee turnover.

Benefits for Your Executive Team

The following benefits can be added to your executive team’s total compensation to attract and retain them:

• Employee Health Benefits are no longer considered a “perk” but a “dealbreaker” on accepting a position. Even the most basic plan will provide some level of protection for your team and help attract and retain key employees.
• A Private Health Services Plan enriches their health and dental plan with additional non-taxable reimbursement on eligible medical expenses, with the freedom to spend only on expenses their family incurs.
• A Wellness Spending Account allows employees to prioritize their health and well-being without taking on additional financial burdens. Eligible expenses are determined by the employer and the benefit is taxable.
• Medical Diagnostic Assistance/Virtual Healthcare services reduce absenteeism and presenteeism with medical diagnostic assistance, coupled with optional insurance for any recommended treatments and/or procedures. Virtual healthcare advises and treats patients in the comfort of their own homes.
• Preventative Health Assessment is a comprehensive mental and physical examination with a team of experts, followed by a consultation to review the results and discuss the next steps, including treatments and/or procedures.
• Critical Illness Insurance/Hospital Cash Benefit because a critical illness is far more common than death during “working years” (and can happen more than once in a lifetime) but coverage can be expensive and/or hard to secure. Hospital Cash provides a daily cash benefit for the insured during a hospital stay, to alleviate costs such as parking, additional room services, outside food, etc.
• D&O Liability Insurance because directors and officers are acting on behalf of the association and deserve protection against personal liability.
• Access to exclusive discounts and cash-back offers for online purchases – the savings speak for themselves!

In most cases, it’s to your advantage to also extend these same benefits to your members; many benefits providers will improve their offer with the promise of a larger group of recipients and it increases the value of membership.

Implementing a total compensation package for your organization is a project that can only benefit from the expertise of an appropriately licensed Consultant; find one that aligns well with your organization’s values and objectives as it will be one of the most important partnerships you will establish.