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Help business owners retain their key employees

We recently completed our bi-annual business owner survey* targeting businesses with two to 499 employees. Our goal is to learn as much as we can about the thoughts, beliefs and top priorities of closely held business owners. Over the next few months, you’ll see a variety of pieces that discuss findings from this survey. But to begin, let’s focus on one of the findings.

The opportunity

Most business owners (97 percent) believe they have key employees. I’m sure you’re thinking, “Wow, is that really surprising?” It’s not. But you can focus on the opportunity it creates. For starters, it provides a great discussion point after setting the stage for the meeting and getting the business owner to talk about the business. At some point, you can ask if there are key employees. Based on the research, the answer will typically be yes. Then follow up by asking what the key employees do to help the company grow and prosper. Ask about the impact if a key employee left the company voluntarily, died or became disabled. As you learn more, ask about steps taken to retain key employees and protect the company. This can lead to a discussion about things they can do like providing base and selective benefits, and how to protect the company with key person life and disability coverage.

Solutions, expertise and service, all in one place

We offer a key person calculator and more to help determine the need. We also offer a consulting team to help you work with your clients on solutions that best meet their wants and needs. Then as the case moves forward, we provide competitive products, underwriting and business market administrative services to complete the process. Our job is to help you help your client. And this is just one example of the support we provide in the business market.

For more information: Contact Advanced Solutions, 800-654-4278, x89064.

*2017 Principal Financial Group®Business Owner Survey conducted by Harris Interactive.

Insurance issued by Principal National Life Insurance Co. (except in NY) and Principal Life Insurance Co. Securities offered through Principal Securities, Inc., 800-247-1737, Member SIPC, and/or independent broker/dealers. Principal National, Principal Life and Principal Securities are members of the Principal Financial Group®, Des Moines, IA 50392.

For financial professional use only. Not for distribution to the public.

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