Business Planning- How To Retain Key Senior Employees-Golden Handcuffs
The Law Firm of Pozzuolo Rodden, P.C., Philadelphia Business Planning Lawyers, announces the release of the article “How To Retain Key Senior Employees-Golden Handcuffs.
In the new economic environment where margins have been slashed and companies are trying to increase their market positions in an increasingly global market it is extremely important to retain key employees and make the most of their experience, know-how and business acumen. It is a major detriment to the business when a manufacturing or sales manager takes his expert skills, information and body of knowledge to a competitor. Not only does it give your competitor a leg up, but it also leaves a gaping whole in your workforce and profits when you must go through the costly search and training process to fill the gap.
One invaluable tool to help defend against this is the use of what is termed “golden handcuffs.” Golden handcuffs are a way to arrange the compensation system so that these valuable employees are incentivized to stay with your company…
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