Competitive compensation and benefit programs are a fundamental component to attracting these professionals and retaining them for the future success of the business.
If your company is like most, its success depends upon the efforts of its best people. That is why it is essential to hire and retain talented, hard-working individuals who can help your business prosper and grow.
There is an easy and effective way to provide executives with the benefits they want. It is called an Executive Bonus Plan. An Executive Bonus Plan is a fringe benefit given to a select group of key employees and/or business owners.
The business selectively chooses which executives will receive this valuable benefit. The bonus amount is fully tax deductible to the business, assuming it represents reasonable compensation, and is taxed as ordinary income to the executive. Plans may be designed to reduce or eliminate the after-tax expense to the executive.
Executive Bonus Plans are relatively simple to set up and administer, and can accommodate almost any budget. They give small- to mid-sized companies the ability to attract and retain valuable executives by helping provide the additional benefits they seek.