Using Deferred Compensation to Attract and Retain your CEO w/ Chris Rich

On episode 10 of I 501(c) You - The Podcast for NonProfit Board Members we are interviewing Chris Rich, co-founder of Executive Benefits Solutions, a firm that works with companies to improve the effectiveness and cost-efficiency of benefit programs to key employees and professionals.

Chris has over 25 years of experience in executive compensation and benefits consulting, so today we are speaking with him about deferred compensation in the nonprofit industry. We believe this is extremely topical, because as Chris says in this episode, "In the past 25-30 years of doing this, I don't think we have ever seen a time when the need to attract and retain key employees was greater, and this is particularly true in nonprofit organizations."

We hope this provides you with a little more information about deferred compensation so you can begin thinking about what it might take to retain your current talent and attract future talent in the nonprofit space.

Key Takeaways:

1. A common practice among nonprofits currently is to inject performance metrics into compensation plans. (4:50)
2. The time in an organization's trajectory when they should implement a deferred compensation plan is sooner, rather than later. (25:00)
3. Nonprofit board members are curious about the trends in for-profit deferred compensation and how they can be brought to the nonprofit sector. (28:30)

 

Timestamps:

00:20 - Introduction

01:10 - Interview starts

01:30 - Chris provides his background

03:20 - What is deferred compensation and why would an organization offer it?

05:10 - How can a Board of director begin to understand what the opportunities are for deferred compensation?

09:45 - What are different approaches to deferred compensation?

14:15 - There is rarely a perfect solution

15:30 - Life insurance based programs can offer significant incentives

18:20 - How do you determine key employees that should participate in deferred compensation?

23:00 - Is any organization too big or too small for deferred compensation?

25:00 - Any specific time in an organization’s trajectory they should implement deferred compensation?

28:10 - Anything else?

28:30 - Trends

32:47 - Recapping with Read

 

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