Veteran New York attorney Jeremy Goldstein recommends that employers be willing to compromise when it comes to the use of employment incentives. While there are several factors that help to create an economic environment that is sustainable, Goldstein says the effective use of employee incentives is an important one of them. Goldstein explained that rigid positions on the incentives leads to discord between long-term investors and employees and can cause a business to become less productive. He said that while compromise might be difficult, it is best for all concerned.
Jeremy Goldstein has worked with Verizon, Bank of America, Goldman Sachs and other large corporations and offers advice on the use of incentive-based programs like Earnings-per-Share based on this experience. He sees employee incentives as a positive thing if they are handled properly. Performance based pay programs play a major role in improving the value of stock and that benefits shareholders. That encourages the buying and selling of stock by shareholders and encourages companies to pay employees more. Studies show employee incentive programs help make companies more successful.
While including incentives in employee pay structure is a good business strategy, it can be misused and give companies an unfair competitive advantage. Opponents say it encourages favoritism and abuse and gives top executives too much power to manipulate on the metrics on the program’s effectiveness. This is misleading and illegal and puts short-term profitability ahead of sustainable growth and hurts everyone in the long run. Jeremy Goldstein suggests using employee incentives but making sure top executives show its use is leading to sustainable growth and profitability and helping the company attain its long-term goals.
Since graduating from NYU School of Law with his juris doctor, Jeremy Goldstein has worked with large firms for years before going into private practice and starting Jeremy L. Goldstein and Associates, LLC. He has handled legal cases about compensation and monetary legality involving several large stockholder, banking, oil and petroleum and cellular companies. His excellent work has led both Chambers USA Guide to America’s Leading Lawyers for Business and Legal 500 to list him as a top selection for companies looking for legal counsel.
An American Bar Association Business Section member, Jeremy Goldstein contributes to NYU Journal of Law and Business and is on its professional advisory board. He writes articles providing trusted opinion and counsel on popular current legal matters for several law journals.
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