October 11 Tip of the Week

Concerned about Losing Employees at a Critical Time? Consider a Retention Bonus

In this time of difficult labor markets and worker shortages, are you concerned about losing employees before the end of a crucial project or deadline?  If so, one option for employers is to use a retention bonus (also known as a “stay bonus”).  With that type of arrangement, an employee will receive extra compensation if they remain at their job through a certain date or completion of a certain activity.  A retention bonus incentivizes employees to keep working and lessens the risk for an employer needing to seek new workers at a critical time.  Retention bonuses can also be used following a transition in ownership or other large organizational change to help retain key workers.  Contact the expert employment law attorneys at myHRcounsel for more information on retention bonuses.