The second area that employers consider when creating a plan is a Retention Program. How does a company prevent their rainmakers and top talent from leaving the company and going to a competitor? Something that provides glue to their seat, or “Loyalty Velcro”, is needed for them to stay. Retention programs, or plans, are primarily focused on making sure the company’s best talent will not leave. These plans are also used as a recruiting tool, hopefully attracting new top talent to the company. Retention programs will usually promise to pay future benefits to the executive, with those future benefits having a longer vesting schedule. This longer vesting schedule make it difficult for the executive to leave, as they could be forgoing significant future benefits by doing so. Because of the long-term focus of these plans, communication is key once the plan is in place. It is recommended that the executive receives an updated plan statement at least once a year, this way they can be reminded of their future benefits while casting a vision of long-term employment with the company.
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