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Executive perks: Getting the most from your benefits package

On Behalf of | Aug 9, 2022 | Employment Contracts |

After contributing so much of yourself (time, education, skill, insight, experience, etc.) to a successful corporation, you deserve a piece of the pie. When they profit from your hard work, you should, too. Your benefits should reflect your contributions.

You can revisit your employment provisions when it’s time to renew your contract. Doing so allows you and your employer to address your benefits package, accounting for your role in company growth. You can use the contract renewal process to ask about executive perks.

Traditional perks for executives

As the relationship between executives and the companies they serve evolves, most employers offer more valuable benefits. For example, you might get stock options and a substantial severance package added to your contract. Other traditional perks include:

  • Company car
  • Longer vacations
  • Employment bonuses
  • Greater compensation
  • Special retirement plan

Another perk highly paid executives often obtain is increased insurance protection to provide for them if a disabling injury or illness arises.

Lavish perks may also be possible

Your superiors may be so impressed with your contributions that they lavish you with a shower of perks and benefits.

Some extraordinary examples to consider:

  • Chauffeur services
  • Personal security detail
  • Office decorating expenses
  • Access to corporate aircraft
  • Exclusive club memberships

Many executives also receive an extravagant entertainment budget to wine and dine current or prospective clients. That’s a perk for clients and executives alike.

To obtain and then preserve executive benefits and perks, you must address them in your employment contract. Otherwise, your superiors may fail to deliver on the promises they make. Learning more about employment contract law in Michigan ensures your company follows through on the promises they make in writing.


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