A wave of recent research and media coverage is bringing renewed attention to the phenomenon of “golden handcuffs”—a workplace dynamic in which lucrative compensation, incentives, or benefits keep employees tied to jobs they might otherwise leave. As changing economic conditions ripple through high-earning sectors such as technology and finance, understanding the psychology and impact of golden handcuffs has become critical, both globally and in Thailand, where local professionals increasingly compete in knowledge-based, high-reward industries.
Golden handcuffs, a term first coined in the 1970s, refer to financial rewards—ranging from generous salaries to stock options and retention bonuses—linked to continued employment. While originally designed to retain talent in a tight labour market, the system can lead to employees feeling “trapped” in roles that no longer align with their personal values or work-life balance priorities. This issue is not just a Western concern; in Thailand’s rapidly internationalizing economy, golden handcuffs are increasingly visible, particularly in multinational firms and burgeoning tech hubs.
According to a recent article by the BBC, the golden handcuffs effect is most pronounced in jobs requiring rare or specialist skills. Employees may receive deferred stock options or contractual bonuses, which they forfeit if they leave early. “It’s like a velvet prison—hard to walk away from, but just as confining,” one industry commentator told BBC’s Worklife. In the wake of 2025’s tech layoffs, U.S.-based firms such as Meta, Block, and Autodesk have ended such reward programs, giving employees both relief and anxiety as previously “safe” roles vanished (Los Angeles Times).
Industry surveys reveal clear signs of golden handcuffs: reluctance to leave despite burnout, fear of losing financial security, and increasingly, health implications such as chronic stress. A Great Place to Work analysis concluded that employees enmeshed in golden handcuff arrangements reported higher rates of psychological distress and dissatisfaction (Great Place to Work). Indeed, recent news reports highlight workplaces where staff work until 2 a.m., sustained by financial incentives but weighed down by the pressure to stay, as seen in companies like NVIDIA (MSN).
The sustained international interest in golden handcuffs finds resonance in Thailand, where urban professionals in Bangkok and Chiang Mai are offered increasingly elaborate pay packages. A Thai-based HR executive explained that multinational firms routinely use golden handcuffs to retain bilingual staff or digital engineers, whose skills remain in high demand. “Our retention tools are effective, but we’re starting to see more burnout and quiet quitting,” the HR executive noted.
Cultural factors further complicate the scenario for Thai employees. In Thai society, values such as loyalty and family reputation often heighten the sense of obligation to remain in prestigious or high-paying jobs, even when well-being suffers. Historically, familial expectations and community status played significant roles in job retention. The new dynamic introduced by multinational reward schemes overlays these traditional factors, creating a complex psychological landscape.
Expert analysis points to both risks and strategies. Researchers and HR consultants recommend that employees regularly assess their motivations for staying in any role and cultivate outside interests or backup career plans. According to guidance from employment experts interviewed by Indeed, signs of golden handcuffs include feeling stuck despite high rewards, loss of passion for work, or physical symptoms of stress (Indeed). Experts urge employees to seek professional advice before making drastic decisions to walk away, as untangling from deferred compensation and contractual obligations can carry steep penalties.
For Thailand’s labour market, there is growing awareness of the need for policies that protect employee well-being. The Office of the National Economic and Social Development Council has called for more flexible compensation structures and robust mental health support in high-stress professions. Thailand’s Ministry of Labour also encourages employers to balance incentives with measures that enable genuine career growth and life satisfaction.
Looking ahead, research trends suggest that golden handcuffs will evolve as the global workplace shifts. The rise of remote work and portfolio careers may offer employees more escape routes from restrictive contracts, while more companies recognise that over-reliance on financial rewards can backfire by eroding workplace morale and innovation. For Thailand, the challenge will be to promote both talent retention and well-being, enabling professionals to contribute fully without sacrificing their health or happiness.
For Thai readers facing golden handcuff dilemmas, experts recommend starting with an honest self-assessment of career goals and values. Consider seeking guidance from career coaches or mental health counsellors, and consult with financial advisors before making decisions about complex compensation arrangements. Building a culture of open communication with employers can also help negotiate for more meaningful professional development, ensuring both stability and satisfaction in the journey ahead.
Sources:
- BBC: Workers struggle to break free from golden handcuffs
- Los Angeles Times: Bay Area tech layoffs and the end of golden handcuffs
- Indeed: Golden handcuffs definition and discussion
- Great Place to Work: What employee surveys reveal
- MSN: Tech workers and golden handcuffs at NVIDIA
- Wikipedia: Golden handcuffs