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Key Personnel Planning

Protect Your Most Valuable Asset

Losing a valuable employee is always a risk. From your ownership team to executives to individuals who singularly own or understand specific processes, key personnel planning provides your most valuable asset – your key people – with added incentive to stay for the long-term. 

Key personnel planning pairs your vital team members with the resources they need or want – extending beyond the workplace. This can be as simple as required paid time off, free sessions with a financial advisor, incentives with a vesting schedule and more.

Maybe they are the primary caretaker for a terminally ill family member. Maybe they don’t feel like they can take a vacation because they are uniquely valued at the company. Maybe they are having financial stresses at home that affects their mental wellness.

By implementing a key personnel planning program, your able to help your people manage some of the biggest stressors in their life away from the workplace. 

Why Consider Key Personnel Planning?

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Employee Retention

Keeping your key people engaged and addressing their concerns is vital to the future of your company. Incentive compensation plans, personal financial and retirement planning, and added benefits can help keep your strongest performers and executive team committed and driven.  

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Financial Wellness

Our personal lives drive our work lives in many situations. Providing your key contributors with a personal financial advisor can help them pursue personal goals outside of work, help them reduce financial stressors, and help them (and your business) plan their exit strategy and retirement. 

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Added Insights for You

When you connect your key people with a wealth advisor, you can learn what benefits would make the most impact for that group. For example, if we act as a financial coach for five members of an executive team, we can help you understand that burnout is a common theme, and a sabbatical or required PTO program could help alleviate the risk.

The Key Personnel Planning Process

  • We meet with the owner and key decision makers to discover your needs and gather information on what you’re currently doing.

  • You connect your key personnel – typically four to five executives or directors – with our Wealth Strategies team.

  • We meet with each individual and their spouse to develop a personalized financial plan based on their situation.

  • You receive insights on how to enhance your key personnel plan and your key contributors receive an executive financial plan.

  • We help you get the plan in place, including executive compensation modeling, group benefits planning or ongoing financial advice.

Risk Management Scenario

Your operations manager is the go-to person for all things process. Your employees love her, she understands the why and how behind every process, and she’s the reason your biggest clients work with you. However, you know that she just celebrated her 60th birthday and you don’t have a suitable replacement lined up.

You put a training program in place to help her shift some of her work to a promising employee who is still learning the ropes. Simultaneously, you set her up with a wealth advisor to help her as she approaches retirement, with you picking up the fee as an incentive for her to stay until the new person is hired. You also roll out a paid sabbatical program for any employees with 10-plus years of service, which gives her a month off to travel, see loved ones, and get re-energized.

Risk Management Scenario

Your operations manager is the go-to person for all things process. Your employees love her, she understands the why and how behind every process, and she’s the reason your biggest clients work with you. However, you know that she just celebrated her 60th birthday and you don’t have a suitable replacement lined up.

You put a training program in place to help her shift some of her work to a promising employee who is still learning the ropes. Simultaneously, you set her up with a wealth advisor to help her as she approaches retirement, with you picking up the fee as an incentive for her to stay until the new person is hired. You also roll out a paid sabbatical program for any employees with 10-plus years of service, which gives her a month off to travel, see loved ones, and get re-energized.

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See if Ellerbrock-Norris is a fit for your business with our 60-plus page guidebook on how we help you Protect Your Purpose.

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