A retention bonus is a targeted lump sum payment or reward, in addition to an employee’s normal salary, that is offered as an incentive to keep a key employee at work.
When an organization is going through a disruptive period of organizational change, it offers financial incentives to senior executives and key employees to persuade them to stay with the company until it becomes stable.
Key employees may also be offered a retention bonus if their employer suspects they want to leave for a competitor to keep them.
The terms of the bonus withholding agreement may also include terms of non-disclosure, terms of the right of assignment, and terms of reimbursement of expenses in the event of payment of deductions in installments.
Assessing a bonus withholding agreement requires a cost-benefit analysis that compares the financial incentive to the disadvantages of the agreement, such as stunted job growth, job dissatisfaction, or lack of interesting lifestyle opportunities.
The chief technology officer (CTO) is the chief executive who is responsible for managing the research and development (R&D) of an organization as well as its technology needs.
A living wage is a socially acceptable level of income that provides adequate coverage for basic needs such as food, housing, children’s services and health care.
Unemployment benefits are benefits paid to people who have recently lost their jobs through no fault of their own, such as being fired or closing a business.
Wellness programs are provided by companies, governments and insurance companies to encourage people to live healthier lives.
“These programs increase productivity, reduce sick days, reduce insurance costs, reduce employee turnover, and reduce workers’ compensation claims.