Cultivating Employee Retention Begins with Rewarding Top Talent
In today’s competitive job market, employers recognize that a large part of a company’s success and growth comes from an engaged, appreciated leadership team. But just like the age-old question of “What do you get the person who has everything?”, employers are looking for unique ways to enhance employee retention by implementing rewarding benefits for top talent.
Cultivating a grateful and dedicated leadership team has evolved from the traditional end-of-year bonus or salary increase. Employers now place a high value on executive benefits that make top talent feel rewarded and appreciated year-round. Here are some ways brokers and employers can leverage executive benefits and reap the rewards of a happy and healthy leadership team.
Understand What Executives Truly Value
A strong leadership team can make or break companies of all sizes, and the right executive benefits package can be the difference between employee retention of top talent, and complacency. Employers must understand and leverage these executive benefits to retain and recruit a grateful, dedicated leadership team. According to the 2023 NFP Executive Benefits Trend Survey1, “93% of business leaders rank executive benefits as important or critical to their company’s success.”
Top talent views high-quality executive benefits as an investment in their health and well-being—and a symbol of their value as employees and leaders. But how can an employer focus on employee retention and provide executive benefits that top talent wants while remaining compliant with IRS regulations? Today’s benefit packages for top talent include robust, fully-insured supplemental health plans like Ultimate Health® by ArmadaCare, which helps mitigate risk and cultivates gratitude.
Prioritize Quality Coverage for Employee Retention
Not all supplemental health benefits are created equal. While many companies offer various benefit options, executives are busy professionals who do not want to manage plans with qualifying periods or minimal coverage. They expect robust executive benefits that reimburse for both medical and non-medical care, without waiting periods. Executives want access to the care they need, where and when they need it.
Ultimate Health® plans can be put in place on the first of any month, regardless of the start date of the primary health plan. Employers can customize benefit levels to ensure high-quality coverage that meets executives’ expectations.
With quality coverage comes consistent plan use, appreciation and ultimately, employee retention. At ArmadaCare2, our executive benefits provide an ultimate solution, with members using their plans an average of 81 times per year. This means that each week, executives are reminded of the important link between their role and the company’s commitment to their well-being.
Enhanced & Supportive Executive Benefits for Top Talent
Providing supplemental executive benefits is a proven way to make top talent feel rewarded and valued. The depth of coverage offered is a powerful employee retention tool, but there are also additional elements that top talent values. A recent Deloitte survey found that “70% of the C-Suite are seriously considering quitting for a job that better supports their well-being.”3
Executive benefits offer a powerful way to support mental health and overall employee well-being. By providing robust coverage and behavioral care resources—such as care navigation, counseling, and stress management coaching—employers can help executives manage stress and achieve a healthier work-life balance. These executive benefits for top talent also extend to physical wellness, covering services like acupuncture and prescribed massage therapy, which foster a proactive approach to health and happiness.
Bottom Line
As companies across all industries prepare for 2025, now is the ideal time for savvy brokers and forward-thinking employers to explore innovative and flexible ways to protect top talent—and strengthen the bottom line.
Ultimate Health provides advisers and employers with the tools to address employee retention, recruitment, well-being, and more through executive benefits that top talent will love.
Learn more about Ultimate Health® and ArmadaCare’s expense-reimbursed insured plans today.
ArmadaCare’s supplemental health insurance policies are underwritten by SiriusPoint America Insurance Company and Transamerica Life Insurance Company. Insurance plans and coverages vary by state. Please contact us to confirm state availability.
1 NFP 2023 Executive Benefits Trend Survey
2 ArmadaCare Claim Data, June 2024