I have found that there is no "silver bullet" solution to this question, primarily because people are different and have different objectives, needs and contexts. Some need cash, some need asset growth, some need prestige and status, some need a retirement nest egg while others just want to be wanted and others just want to be "loved". Therefore, assuming you could find a tactic that would satisfy your three criteria, there is no guarantee that it would satisfy the needs of your key people.


Assuming therefore that the objective here is to retain your people, my suggested process for finding a way forward is:

1. Meet with each executive or valued staff member in a one-on-one session. Ask them why they are working for you and what benefit, over three to five years, would they regard as sufficiently meaningful and enticing to pursuade them to stay and help build the business.

2. Develop a time-boxed benefits plan (whatever benefits they might be - for each year of the planning period.) Have that plan signed by you and the staff member as a plan in principle.

3. Have your accountant, CFO or financial advisor sit with your employee and/or their accountant to develop a strategy within the context of your business to achieve all the financial benefits needed to hit the agreed milestones with the least negative (most positive) impact on the employee.

4. For all non-financial outcomes (e.g. responsibility, career progression, work variety, status, travel, etc) develop a similar plan but use your HR manager (if you have one) or an external HR specialist to develop career plans for all employees to deliver the agreed milestones.

5. At least twice per annum, meet with all key employees to monitor performance and progress toward their milestones - financial and other. Be prepared to change milestones and outcomes if needed and warranted.

The benefit of this process is that is customises the benefits and outcomes to the employee's context - thus has more meaning. It also has the employee's buy-in to the process rather than having it imposed on him/her.

Furthermore, it sends the employee a signal that they are important and warrant such personal treatment - rather than being "merely a dispensable cog in the machine".