b"The SHIELD sm The SHIELD smIt's Your Life2022 WPMAEXPO Presidential Sponsor & Educational Session Presenter 1 for Business Owners ORAN EMPLOYEE RETENTION StrategyThe U.S. continues to experience a labor shortageacross many industries and roles. Since April 2021, the number of people quitting their jobs each month has hit record levelsover 38 million people voluntarily left their jobs in 2021 . Employees may quit for a variety of reasons, including a lack of recognition, or unsatisfactory salary or pay. Recognition can come in many forms: job titles, years of service awards, or public announcements of a job well done. You can also raise an employees salary over timebut those ideas have a short shelf-life. An employee wont stay long-term if they feel they can get more somewhere else.Federated recognizes employee retention as a businessproceeds from the same life insurance policy can be used to risk that may be managed. To reward good perfor- recruit, hire, and train a replacement. It can also be used for mance while encouraging long-term employment,business continuation or overhead expenses.Federated has a plan to help you recognize your best3.Family Protection. This allows the business the employees: the Triple Protection Plan SM . opportunity to share life insurance protection with the employees family. Consult with qualified counsel/a tax This plan can help address your employee retentionprofessional to prepare the necessary documentation to concerns, and help protect against the financial impactdivide the death benefit on the policy between the business of an employee death. It can also provide a benefit forand a personal beneficiary. The company remains in control an employees family. There are three components: of the policy while offering some financial resources for the 1. A Private Bonus Plan. This helps retain employees key employees family with a portion of the death benefit.its a program you design that would pay selectedEmployee retention of a key person is a concern for employees set bonuses in specific years. The plan can be in- business owners. To help the employee feel they are formally funded with a cash value life insurance policy, anda valued part of the business, the Triple Protection This article is for can help protect against the employees voluntary departure general information andPlan offers employers an opportunity to prove their risk prevention only andby providing a strong incentive to stay. The business appliesappreciation with a unique bonus plan and financial should not be consideredfor, owns, and pays the premiums on a life insurance policy another other offer ofon the key employee to informally fund the private bonusresources for their family.insurance or legal, financial, tax, or other expert advice.plan. The business can then withdraw policy cash valuesConsider using a Triple Protection Plan to help enhance The recommendationsas needed, and in accordance with policy terms to pay theyour efforts to incentivize talented employees to stay. herein may help reduce,scheduled bonuses. Its one plan to help address three problems.but are not guaranteed to eliminate, any or all losses.2. Key Person Coverage. This can help protect against1 Bureau of Labor StatisticsThe information herein mayfinancial losses associated with a key employees death. The 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 refer-enced herein are provided by third parties wholly independent of Federated.SFederated 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 coun-sel should be sought with questions specific to your circumstances. All rights reserved.Published Date:February 15, 202252 www.wpma.com / Spring 2022"