The job market has heated up. Companies are challenged with being more creative when it comes to retaining and recruiting key talent.
Nonqualified deferred compensation plans are resurging; they play a critical role in securing key people with plan design features carefully aligned with a corporation’s long-term objectives. A well-crafted plan, tailored to the needs and culture of an organization is the first step. However, today’s sophisticated and tech-savvy executives expect and require much more.
Bringing proper life to a deferred compensation program requires an enduring educational strategy. When done well, it will deliver for the employer on both intended engagement and perceived value, continuing past initial enrollment and into ongoing communications.
Plan sponsors must regularly question:
- Do eligible participants fully understand what they are receiving?
- Have participants utilized the program to its full potential?
- Can technology be promoted to optimize awareness and results?
An effective educational strategy fosters plan health and protects the investment made by company ownership. It delivers a complete understanding through an ongoing total rewards and benefit integration curriculum. And it brings the plan to life through technology and thoughtful communication relevant to the full spectrum of participants’ life stages.
The results – an optimal return on company investment, high plan utilization and fully engaged talent. A recipe for success in today’s fight to lure and lock up key talent.