As the U.S. economy continues to improve, so too has the job market, creating greater competition for talent. Today there are 0.9 unemployed persons per job opening1, contrast that with 1.9 prior to the latest recession and 6.6 per job opening in July of 2009. The labor market is tight. As such, businesses are confronting increasing challenges to attract, reward and/or retain key personnel. If a business were to lose a key employee to death, disability, or the competition there is just not readily available talent waiting to walk through the door tomorrow. By undertaking thoughtful planning today, business owners can implement value added benefit programs to reward and retain existing key executives and, when necessary, successfully compete for new talent.
As one might expect, with the economy growing, business owners and executives are seeking out additional ways to save for their futures.
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