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In this tutorial, the speaker discusses the importance of using split dollar plans to reward and retain key employees. Retaining top talent is crucial for business growth and stability. Traditional employee retention strategies include competitive salaries, retirement plans, health insurance, and stock options. However, the speaker encourages thinking outside the box to develop unique benefits that can help retain these essential employees. Implementing such innovative solutions could be vital for a company's long-term success and can also allow for cost recovery. The speaker prompts viewers to consider what meaningful benefits could be offered to employees while managing expenses.
