Designing a compensation package for a company is a multi-faceted process. In this Whitepaper, we discuss the key components of an overall compensation package, determine the result of not providing a robust package to employees, and explore the types of Nonqualified Deferred Compensation (NQDC) Plans that companies are using to reward, recruit, and retain top talent. Each compensation element needs to be looked at individually, but also needs to be looked at from the package as a whole. Once a company gains the reputation as not providing a robust package, then recruiting becomes a challenge. The cost of losing a key person is estimated to be up to 213% of an employee’s salary for C-suite positions.
Companies have added benefits recently that have embraced employee development and career path planning, physical and mental health, and flexibility in the workplace. NQDC plans are implemented to help reduce turnover. Properly implemented plans motivate and reward employees to work towards a common goal while retaining employees with a long-term outlook.
Read the entire Whitepaper here: Establishing the Right Compensation Package