Bonuses For Retaining Key Personnel

In times of shortages of staff with good training levels and experience, economic incentives may be a good way to protect your company's human capital.

Tuesday, July 5, 2011

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."

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