What is Retention Bonus?
A retention bonus is extra money given to keep an important worker from leaving their job, especially during a very important time for the business. It’s usually a one-time payment and has become more common because other companies try to take away good workers, which is also known as corporate poaching. Employee retention bonuses are cash incentives made by employers to keep workers for a set term. It is a one-time or series of payments offered to employees for staying with the company. Companies utilise retention bonuses to keep key personnel amid mergers and acquisitions, restructuring, or when staff are likely to leave.
Table of Content
- How does Retention Bonus Work?
- Benefits of the Retention Bonus
- How to Earn a Retention Bonus?
- Considering a Retention Bonus
- Frequently Asked Questions (FAQs)
- Conclusion
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