Company Centered
Employee Recognition = Retention
Thompson Planning Group has evaluated both the monetary and psychological side of what keeps employees happy and committed to the company they lead. Initially we work in a consultative fashion to find the most value of a plan design based on customized rewards that mean the most to each individual key employee.
Everyone deserves their own financial strategy and all financial plans are different in some way. It’s been our experience that many owners do not know what’s possible as it relates to tax favored and selective compensation arrangements that can minimize employee turnover.
It is extremely rare for us to come across a business that actually has these plans in place or even ever having heard of them. Knowing what their competitors may be doing, especially when it comes to productivity and protecting the business from expensive turnover cost is of tremendous value.
Most current company turnover can be prevented. Studies show that losing a key employee could cost as much as 1 to 3 times their salary in replacement cost. Preventing these expensive turnovers is the space that we operate in and we enjoy sharing all that we know and have learned over the last three decades as it relates to current business planning strategies.
Favorable Continuation Irregardless,,,
Buy/Sell Strategies
When a business loses an owner/partner there are significant negative impacts to the company as well as all employees, especially the surviving partner/partners.
It takes time to get things back to some level of normalcy and the shock of a close relationship that is gone forever becomes real.
The financial outcome for such a tragedy MUST be protected and all surviving people should all come out of the situation with the best outcome that is possible.
There are significant tax issues that must be managed and planned for along with fair and accurate valuations. A solid and strategic buy sell agreement is pivotal in helping all survivors come out on top of the situation.
We are experienced at creating and implementing such a continuation plan. We see many buy sell agreements that are not tax efficient and oftentimes will not produce a desirable outcome creating a second tragedy.
Let us help you take advantage of the rules set forth by the IRS that allow you to have a sense of confidence knowing you and your company are protected from the loss of a valued partner.
Cultural Impact
Key employees know they are key. When they are recognized, their leadership ability florishes and company culture is greatly enhanced internally.
Rewarding Performance
After implementiong hundreds of retention plans, we have discovered that ALL top talent have to be recognized in some way or another. If not, they will leave the company
Developing Loyalty
Your best employees want to have positive impact on company performance and when they are rewarded for this, their loyalty to the company multiplies which is contagious.