Job retention bonuses are incentives that companies provide to certain officials who are key to their operations.
Although retention bonuses of various kinds may be offered, limited only by the imagination of businessmen, typically four principle types are considered: the "referral" (for referring a friend), "sign on" (when signing the work contract ), "spot" (for specific achievements), and "retention" (for certain periods of time completed in the company).
In the Catalejo Laboral blog in Elfinancierocr.com, Paola Gutierrez discusses how companies can benefit from this practice, and precautions to be observed to avoid generating undesirable or bad results.
"Companies should be careful in the implementation and recognition of these bonuses, which may come with strings attached meaning that what looks like a good deal turns out to be a hard slog."
At a time when it is more imperative than ever for businesses to attract and retain talent, the people with 50 and more years old are part of a market that offers candidates with skills and experience of great value.
Nowadays the difference between one company and another is the talent its employees bring together, and as any staff manager can tell you, competition for attracting and retaining that talent is growing.
When companies become addicted to meetings, it indicates poor management of working hours and decreases employee productivity by at least 30%.
If companies estimated the losses caused by a dozen employees, mostly senior ones, meeting four times a week they would think twice before giving in to "Meetingitis", the cultural tendency to schedule a meeting for every issue.
Performance bonuses and other variable compensation schemes weigh increasingly on the total compensation of senior managers.
In order to motivate and retain executives companies are tending more and more to compensate their executives with salary schemes where the variable proportion and that dependent on performance is increasing.
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