Recruit, Retain, and Reward Key Employees
Recruiting Key Employees and Executives
Building a high-performing organization has always been critical to maintaining your firms competitive market position. In today’s employment market, that’s even more difficult as workforce changes are creating:
- A shortage of qualified workers in almost all crucial areas, a trend most likely to continue as baby boomers continue to retire.
- This smaller, experienced, talent pool creates an even greater competition to recruit and hire “top” performers. This has stimulated higher salaries, more benefits and even signing bonuses for key recruits.
- Employee turnover, especially in key positions, is costly for businesses in lost time, lower work productivity, quality problems, lower income and even lost customers.
Utah experiencing rapid population growth
You already knew that Utah is growing rapidly but here are the facts to support that awareness. Utah’s current population in 2016 was 3,061,160. According to the Gardner Policy Institute at the University of Utah, our state’s population is expected to grow to 3,829,201 by the year 2030 (+25%). While that may sound like big growth, competition for hiring top talent is certain to be region wide throughout the Western U.S. Utah’s projected growth of almost 800k new citizens is just 6.6% of the total Western U.S. projected growth of 11.8 million new Westerners! That means that other Western states will be recruiting our most talented people. Attracting and retaining qualified employees in this high growth environment presents an unprecedented recruiting challenge for competitive companies to keep up with population driven business growth while defending your employees from other companies throughout the West.
Population Growth in Western U.S. 2016 – 2030
Retaining and Rewarding
Now that your company has recruited the “best” people for your company, how do you retain them?
Business Planning Group can assist your company to develop, launch, and manage targeted employee and executive benefit plans. These plans will tie employee retention to compensation over a timeline that will keep your key employees on the job. We do this by developing customized benefit plans, targeted towards key employees, offering them financial advantages in a way that will keep them with your company for the long-term.
If you’d like to learn more about the details of targeted executive benefits for recruiting and retaining key personnel, download our e-material to the right. If you are ready to discuss how these executive benefit plans can be used inside your organization, please contact Business Planning Group for a free consultation.
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