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Don’t Lose Your Leader: The Critical Role of Executive Retention for Nonprofits with Joe Schaefer
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In this episode, we speak with Joe Schaefer, an expert in employee retention and executive benefits to discuss the often-overlooked topic of retention strategies for nonprofit executives. Joe shares insights on the importance of retention plans from both board and executive perspectives, explaining how these programs can help nonprofit leaders attract and retain critical talent. Joe discusses different types of plans, including qualified and non-qualified options like 457 and split-dollar plans, and we discuss the benefits of these strategies for nonprofits facing recruitment and retention challenges.
Joe also provides examples of how customized retention solutions can prevent costly turnover, especially in roles that drive an organization’s mission and funding. Whether addressing board members concerned with stability or executives considering retirement, this episode highlights the value of thoughtful retention planning in strengthening the nonprofit sector.
Executive Benefits for Tax Exempt Organizations
Timestamps:
00:00 Introducing Joe Schaefer, Vice President - Atlantic Region for NFP
02:35 What do Board Members need to know about Executive Retention plans?
04:30 What do executives need to know about Executive Retention plans?
06:45 From recruiting to retirement
07:30 When should a retention plan be implemented?
11:30 What should boards consider when thinking about retention plans?
13:10 Split Dollar plan explanation
18:15 Split Dollar on the 990
19:10 What size organization does this work for?
20:00 How do board’s start thinking about retaining an executive?
26:00 Find Joe on Linkedin
27:00 Recapping with Read
Join us every week as we release a new podcast with information about how you can be the best board member and provide great service to your organization.
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Visit us at: www.thecorleycompany.com/podcast
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