It’s that time of year again: time to revamp your executive compensation package to create a powerful concoction that can recruit top talent and keep key players happy.
First off, let’s touch on what usually goes into an executive compensation plan.
- Base Salary
- Bonuses (short term incentives)
- Long term incentives
Each aspect is important and should be given appropriate attention. But there is one perk that sometimes takes the backseat that should really be brought to the forefront. Instead of primarily concentrating on stock options or a cool company car, focus on the #1 benefit employees care about: healthcare insurance.
It’s understandable to be wary of this benefit. With rising healthcare costs and increasing ACA regulations, it’s becoming more and more difficult for employers to provide the rich health benefits that employees care so much about. Let’s change that.
Executive medical reimbursement is still possible, and it’s perfect for executive compensation packages. It will save employees more money than a bonus will give them. You see, it’s not direct compensation, but the compensation power lies in the money that it reimburses and saves your employees from spending out of their own pockets. It’s more powerful than a simple pay increase. Plus, it benefits their families, too.
The financial efficiency of executive medical reimbursement is a perk for your company, as well. The cost is actually less than what you’d spend on a similar bonus. So, you spend less and receive more value to offer executives. It’s also a benefit that’s difficult to duplicate. Some aspects of executive compensation plans can be matched by your competitors, but the far-reaching value of an executive medical reimbursement plan is beyond compare.
Ready to Find One?
Ultimate Health is an ACA-excepted supplemental executive medical reimbursement plan. And it does more than just that. The plan includes an Executive Physical Program and TopDoc Connect, a specialist matching service to get your employees back to optimal health quicker and ensure company productivity. It even includes travel emergency services to keep your executives protected while they explore the world, for business or for pleasure.
Discover what else it can add to your executive compensation package.