FAQs
How do I keep and retain key employees?
The loss of an employee is damaging to the development of any business. It not only leads to a reduction in productivity but it is also costly. You should keep and maintain key employees and prevent a high rate of employee turnover to retain a successful team. First, evaluate the business and figure out why employees are leaving. Set up flexible work options, set up employee support, communicate your financial vision to employees, and involve employees in decision-making. This helps you keep and retain key employees.
- Tax Saving options beyond 401(k)
- The 401(k)-savings option sponsored by employers is a highly rated top retirement savings account that enables you to save for retirement and lowers your taxable income before you are paid. Well, you should know that if you do not have a 401 (k), you can start saving in other tax-advantaged accounts. These other tax saving options beyond 401(k) include the traditional IRA, Roth IRAs, or a taxable brokerage account like health savings accounts.
How do I pass on my business to key employees?
Passing on your business to key employees is an exciting way to exit the front running of the business. Passing on your business is usually a reward to crucial employees, and it acts as compensation or an incentive to stay with the company or join the company. Doing it involves evaluating the business and then either selling equity or giving equity from the owner or company. The evaluation of the business is quite challenging since you may not get the full value of the business.
