Labor shortages impact numerous industries in today’s economic landscape, in which attracting and retaining valuable employees is top of mind for so many employers. There are new tactics that companies are exploring in order to hire and keep key personnel. These solutions include year-end bonuses, profit sharing, 401(k) match, performance bonus, sales commission and more.
In this latest edition of Cherry Bekaert’s Private Client Services podcast, Mike Kirkman, Partner in Cherry Bekaert’s Estate, Trust & Gift group, and Deb Walker, Compensation & Benefits Director, discuss how incentive plans can be utilized to retain employees. The pair covers:
- Arrangements to keep key personnel
- Examples of incentive plans
- Employee ownership and like-ownership interest in the business
- Incentive stock options vs. nonqualified stock options
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