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In this tutorial, the speaker discusses the importance of using split dollar plans as a strategy for rewarding and retaining key employees. Retaining top talent is crucial for business growth and maintaining a strong employee base. Traditional employee retention methods like competitive salaries, health insurance, retirement plans, and stock options are common, but thinking outside the box is essential. The speaker emphasizes the significance of offering meaningful benefits that not only incentivize employees but also enable the company to recover costs. This approach can be vital for the company's longevity and success, especially as business owners prepare for retirement or exit.
