Key Employee Retention

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What is the cost to the staff?

The staff takes time to adapt to their task when they enter their new job and perform it with the desired excellence. The training and learning time that employees have carries a cost that your company assumes.

Entrepreneurs must develop creative strategies to retain and/or attract them. It is very important to identify what motivates them when it comes to going to a new job or staying a while in the one they have.

One of the greatest business motivations for workers is the possibility of growing and rotating within the same company.

For many companies, these strategies are commonplace and are not enough to make a difference. Many people look for economic motivations, better salaries, awards for meeting objectives, pension plans, etc.

Pension Plans

In our country, more and more people are offering this benefit as a policy of retention of hierarchical employees, achieving their goal and in a second instance began to allocate them to future promises.

In my activity and in a personal way, I am convinced that when it comes to retirement age, the common people want a lower workload in the case of being lovers of work or having an income to maintain them. Therefore, a pension plan is a really valuable benefit.

How to implement it?

The employee to whom the benefit is given, must understand the why? and why? the company intends to give it to him.

Once the previous point is understood, the company agrees on the length of permanence it wishes to maintain and the amount it is going to obtain if it complies with it. In order to do this, a monthly payment is calculated, at the determined time and the total accumulated amount is obtained.

The contribution can be made in two ways, first can be made by the company or by both what is known as (Matching).

In case of firing the employee, if the company that made the payment of the quotas can use the money to pay a part of his indemnity or the totality, depending on the saving that his individual account has.

What instrument is used?

Capitalization and/or Life insurances are used.

In order for the instrument to have the expected result, it depends on the employee seeing as a benefit that monthly contribution that will lead him/her to have his/her family protected for that amount or the savings that he/she accumulates at the end of the plan.

These products are VAT exempt in their entirety and allow you to deduct $ 966 per year. (This tax regulation is not updated which is 2009, this is one of the struggles of the sector to be updated to current reality).

With this tool employer and employees will own shared profits.

They can obtain many benefits for their employees and their companies.

I hope you liked this post, see you in the next one.

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