Do You Have an Employee Retention Strategy?

The U.S. continues to experience labor shortages across many industries and roles. This increasingly hurts business owners, as attracting and training new employees can be more costly than implementing an employee retention strategy.

According to the National Association of Insurance Commissioners, 71% of small businesses reported that they were dependent on one or two key individuals for ensuring organizational success.¹ 

Federated Insurance^® recognizes employee retention is a business risk that may be managed. To encourage long-term employment while rewarding good performance, Federated^® offers a plan to help retain your best employees.

The Benefits of Federated’s Triple Protection Plan^SM

Our Triple Protection Plan allows businesses to combine three risks in one plan:

1. A Private Bonus Plan can help retain employees. The business owns and pays the premiums on a life insurance policy on the key employee to informally fund a private bonus plan.
2. Key Person Coverage can help protect against financial losses associated with the death of a key employee. The proceeds from the same life insurance policy can be used to recruit and train a replacement. 
3. Family Protection allows the business the opportunity to share some of the life insurance protection with the employee’s family. 

Ensure the success of your business by retaining key employees. Ask your local marketing representative about how Federated can help you implement an employee retention strategy.

^{1 - Life Insurance For Key Employees | III. Accessed 1/22/24.}

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• Do You Have an Employee Retention Strategy? PDF
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This article is for general information and risk prevention only and should not be considered another other offer of insurance or legal, financial, tax, or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all losses. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. This information is current as of its publication date and is subject to change. Some of the services referenced herein are provided by third parties wholly independent of Federated. Federated provides access to these services with the understanding that neither Federated nor its employees provide legal or other expert advice. All products and services not available in all states. Qualified counsel should be sought with questions specific to your circumstances. All rights reserved.