Same long-term goal, but different choice of executive benefits plans
Here’s why three credit unions with the aim of rewarding and retaining top talent chose three different solutions.
Achieving your mission is not possible without the right leadership. As leaders, you can lay out a compelling vision and foster a culture that encourages and motivates people to action. Culture alone, however, is not enough. To attract—and keep—the highest performers, you need to assemble a total compensation package that addresses both short-term and long-term needs for income.
Short-term compensation—the base salary and bonus—help fuel today’s lifestyle. It’s important to benchmark those regularly, and there’s a best practice for doing that; that is a subject for another article.
Only relying on current cash compensation, however, is risky as there’s always a bigger checkbook elsewhere. Every employee, especially an executive, needs to plan for the day when their current income ends (retirement). Including elements of long-term compensation helps both retain and reward your key people. These elements are generally referred to as executive benefits.
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