The term “golden parachute” describes an agreement between a company and an employee, whereas the employee will receive certain significant benefits if the company terminates the employee. These benefits include severance pay, cash bonuses, stock options, or other benefits. Companies created golden parachutes to attract and retain skillful business leaders. But golden parachutes have come to represent excessive compensation regardless of the executive’s performance, even if they are forced out for poor performance, even a scandalous event. If COVID-19 has displaced you, what color is your parachute?
In recent weeks, I’ve found myself homebound like many other business professionals, more by choice than by circumstance because I’m trying to run my business from home and not travel all over the country like I used to do. With the Internet and modern software tools, I can work with multiple clients, thousands of miles apart in a single day.