Give your best talent a huge incentive to
Stay with Your Organization
KEY EMPLOYEE ACQUISITION and RETENTION
Workforce Development Strategies
As a hospital administrator, you need to retain your highly-skilled physicians and talented executives long-term. Simultaneously, you want to acquire new talent to meet ever-growing demands.
According to the U.S. government, the average U.S. worker changes jobs every 4.4 years. Moreover, the cost to replace a highly-educated employee, earning $100k and up, is 213% of the salary. For someone earning $100k, the turnover cost is $213,000. For a healthcare executive earning $250k, the turnover cost is $532,500.
In other words, it costs more than double the employee's salary to replace that individual.
"The top talent will be
standing in a line
to work for your organization."
- David Alemian
Depending on the specialty and the number of patients served, the cost to replace a physician is right around a million dollars.
Executive Retention's "Done for You" program can lower your turnover costs by up to 82%.
Multiple reports reveal
that physicians and
highly-compensated healthcare executives
are looking for ways to supplement their retirements.
Supplemental Executive Retirement Plans (SERPs), coupled with long-term vesting periods, are the ideal way to retain your most valuable employees. A properly structured SERP can keep high-income earners happy and on the job by aligning their long-term personal goals with those of the organization.
BANK FINANCING - The Key to Enhanced Executive Benefits
Executive Retention arranges special bank financing so that you can fully fund your executive benefit plan on day one.
Our banking partners have created an outstanding loan explicitly designed for this purpose. The "Interest Only" financing enables our clients to fund the plan fully for just pennies on the dollar.
The result is a significant reduction in physician and executive turnover and savings of up to 82%.
"Cliff Vesting" guarantees protection for the employer by making it possible to fully recover the investment if the employee fails to complete the vesting period.
Stay Competitive in a Tight Labor Market
Enhanced retirement benefits enable employers to retain their key executives. Also known as Supplemental Executive Retirement Plans (SERPS), these programs are an effective way for employers to attract and retain the key employees that they need.
A SERP is a powerful employee retention tool. Employers use them to ensure that their most valuable key employees will remain within the organization for a specified period of time.