In the past, the term “golden handcuffs” was used to refer to the financial incentives employers offered to key employees to encourage them to stay with the company. And today, with so many businesses competing for top talent, you have to wonder how many businesses are using this technique and whether it’s successful.
Kevin Monaghan, owner of Intuitive Compensation Group, is back with us on this week’s episode of unsuitable on Rea Radio to talk about the concept of golden handcuffs and whether or not they help or hurt employee retention.
If you haven’t had a chance to listen to last week’s episode with Kevin, we highly recommend it – especially if you own, work in, or stand to inherit a family-owned business.
Compensation without Handcuffs
There are six pillars of compensation: pay, benefits, equity, profit-sharing plans, phantom stock/equity, and structure. This last pillar is a combination of legal, CPA, and insurance work, and helping organizations understand how to use things like leveraged 162 bonus plans is where Intuitive Compensation Group come in.
If you have employees, manage employees, or are an employee, you will be interested in these other topics discussed in this episode:
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