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I suspect instituting a bonus or some kind of incentive program won't change what's happening. If people are quitting in this job market, there must be something dramatically wrong in your workplace. Instead of adding some new bonus or perk you'd probably be better served to figure out what people are finding so toxic and fix that first.
Rising Star
Money helps but it’s rarely the fix. Schedule flexibility, predictable time off, and managers who actually step in when it’s bad go way further. If people are quitting fast, they’re usually running from burnout, not pay.
Not a manager but watched my team literally fall apart because of this. Chances are, they're work load is too high, they're expressing that and they aren't being heard. While fair compensation for the workload could help temporarily it won't help in the long term. Your team is exhausted and stressed out and likely spend they're mornings contemplating not coming in ever again. Distributing the workload fairly will help your team members feel more seen and respected. That does mean you as the manager will have to carry some of the weight as well. The best leaders lead from the trenches not an office.
We focus on cash bonuses because that’s what our team seems to value most. Given the current economy, gestures like pizza parties don’t have the same impact — people really want to see tangible financial rewards.
Things they can feel quickly and personally. Think: small but frequent bonuses tied to specific, team-based goals, real flexibility on scheduling, public recognition, and development opportunities (cross-training, mini-lead roles), rather than just one big yearly bonus nobody believes they’ll see.
Rising Star
Keeping a team motivated is tough, especially with turnover. Small perks like spot bonuses, flexible shifts, recognition moments, or even simple team lunches can make a difference. Sometimes it’s less about money and more about feeling valued and heard. Have you tried asking your team what would actually make them stick around?
Pro
For me, it’s small things here and there. I like to recognize when someone has worked hard, so I will always thank them for their hard work and announce their hard work to the team. I also like to let them listen to music at work, it definitely keeps the mood light. I also like to let them have short days and cut them early, they definitely appreciate this every once in a while.