Phil Westhoff Email & Phone Number

Tax-exempt organizations are often challenged to attract and retain top talent while ensuring the organization drives yield and safeguards financial stewardship.The balance between the key people and stakeholders in executive compensation is critical to the long term mission of your organization. A good solution benefits both the Organization and the Executive. But the big question is how do you make a meaningful and appropriate plan so it has the desired impact for all of the stakeholders?Ideally the Organization or Plan Sponsor should understand the risk reward of the plan, ensure that it is a very low cost or no cost solution and is built to retain top talent.The Executives or Key People should be an active participant and have incentive through ownership and vesting and should be positioned to meet the goals of the individual Executives.As part of a total compensation system, SERPs provide incentives to change behaviors.Every organization and their members have unique goals, so it is vital that the plan be innovative and flexible and that at its foundation it is centered around:►Vision: Compensation aligned with strategic direction becomes the “wind in the sails” to move forward►Mission: Rewards reinforcing corporate values are the “keel” keeping the path true.►Goals: Incentives tied to tenure and performance “get the crew focused”► Intent: Program Design gives clear direction as the “map and compass”If your tax-exempt organization is exploring creative and innovative ways to attract and retain top talent, let’s chat. Whether or not we decide to work together, our conversation will be full of insights that can help you rethink the way you incentivize your key employees while driving yield and exceeding regulatory compliance.pwesthoff@stearns.financial | 513.783.1156

Listed skills include 401K and Qualified Retirement Plans.

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  Northern Kentucky University

  Marketing