Retention bonuses are designed to reward employees for staying with the organization for a specified period. These financial incentives can help ease the difference between an employee’s current compensation and the higher salaries or benefits that competitors might offer.
By providing a retention bonus, you can demonstrate your appreciation for an employee’s contributions and recognize their value to your department. This gesture, in turn, can enhance job satisfaction and loyalty. Retention bonuses can be structured to coincide with key project milestones or critical business periods, which can help increase your ability to retain essential talent when they’re needed most.
Download a copy of Building Future-Forward Tech Teams from Robert Half for insight on how to address critical skills gaps in your technology organization so you can achieve your tech priorities this year, and beyond.