Ways to Attract & Retain TalentExecutive Benefits
Utilizing Fringe Benefits to Acquire Premier Executive Talent
In the wake of The Great Resignation, employers are thinking about the ways they can be strategic about attracting and retaining top executive talent. Fringe benefits, specifically designed for executive team members, play a crucial role in differentiating employers from their competition and ensuring the additional resources offered are attractive enough to bring in and retain that talent.
Because of the level of niche expertise, years of experience, and strategic insights that executives bring to the table, oftentimes companies choose to give executive team members fringe benefits beyond what they offer to the rest of their employees. In addition to differences in fringe benefit offerings, it’s also common for executives to receive pay on a structure that differs from typical employee pay. When building a strategy to attract the right leaders for your team who can potentially have a lasting and meaningful impact on business longevity, think about how executive fringe benefit offerings fit into the picture.
What Are Fringe Benefits?
Fringe benefits are additional benefits that companies offer to employees to supplement their base compensation. Some fringe benefits are required under the law, while others aren’t, and per government regulation, some benefits are taxable.
Exclusive benefits offered to executives are often privy to increased scrutiny or regulation, which is why employers should consider partnering with a team of experts who can help them navigate these complexities.
Samples of Executive Fringe Benefits
Here’s a breakdown of how executive fringe benefits might differ from other benefit offerings:
Because executive teams can have an indelible impact on a company’s culture and overarching success, it’s important to leverage additional fringe benefits to attract the right people who can best represent your company. Companies need to be able to offer enticing executive fringe benefits while being mindful of budgetary constraints and external perception.
If you need assistance navigating the complexities of the executive benefits landscape, connect with our team of experts. We have proven success crafting executive benefits plans that will align with your business priorities and vision.