WHAT ARE GOLDEN HANDCUFFS?
Golden handcuffs are a situation where you’re getting paid (extremely) well with killer benefits, but you either find the job incredibly boring or way overtaxing. An example might be an investment management firm where you work long hours, make nearly seven figures, but you dread it. Companies that create the “golden handcuff” dynamic often offer incentives for employees to stay, such as cash bonuses or deferred compensation, requiring them to tough it out. “Golden handcuffs mean that an employee must remain at the job for a set period before receiving specific incentives and/or benefits,” explains psychologist Yvonne Thomas, Ph.D. “Golden handcuffs can include stock options, a big bonus, a company car, a vacation home, paying for some and/or all college classes towards a degree, etc.”
MEET THE EXPERTS
Yvonne Thomas, Ph.D. is a Los Angeles psychologist. Dr. Thomas has been featured as an expert on many local and national shows, appearing on CNN, E! Entertainment, several VH1 documentaries, Nightline, The Learning Channel, CBS, NBC, and KCal News.