How Can I Reward My Most Loyal Employees?
Are you a business owner who loves to reward their most loyal and tenured employees? Reward them with the GOALL Program’s Loyalty Matching! With the GOALL Agency by your side, you can provide Loyalty Matching that directly corresponds to the employee’s length of employment and their unique talents
The Loyalty Match that we provide works like this. It’s based on the length of employment and the talent of an employee. For example, with the GOALL Program, if you have an employee who’s been in the trenches with you for 10 years, they get a bigger match than the new hire. We obviously know that with a 401k, if you’re doing a 3% match, the 10-year employee gets 3% and the new hire gets 3%.
This is something not only that employers love so they can reward the people that are in the trenches but the employees love it too. Because here’s one of the things that happens when they hit a milestone, guess what? They know they’re getting an increase in their loyalty match and they get a certificate of loyalty given to them so they get some great recognition in the workplace.
What is Employee Tethering?
The only thing more expensive than hiring a new employee is losing your top talent. High employee turnover rates can lower your overall workforce satisfaction, erode your growth, and impact your bottom line. But it doesn’t have to be that way! With the GOALL Agency, we can show you how to tether your employees, improve employee retention, and increase profit margins.
What is the tethering program? Well, most people years ago called it the golden handcuffs. The new verbiage in today’s market is we call it tethering. This is where you do not want to lose your key employees.
How does it work? Works like this. The employer is going to pay for a policy that provides a retirement package, living benefits, and death benefits for this key employee. They are also going to give them a loyalty match so they stay loyal they can have a personal policy because the regular policy is owned by the business owner.
A typical length of time that a business owner pays for a tethered program is between five and ten years and then they turn it over to the employee is not covered if they have an untimely death they get out they get a personal policy with a loyalty match so when they retire they have dual coverage death benefit living benefits and retirement.
The Cost of Losing Employees
Losing an employee is hard on any business and can impact your profit margins. The process that comes after losing an employee is time consuming and costly. With The GOALL Agency, we can help your business improve employee retention, and increase profit margins.