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Would definitely help keep some people. Especially when new people come in and get more money than those who’ve been around.
Pro
They better come up with sumthin’!
Chief
I've yet to have an agency give a bonus that doesn't just piss people off. "Gee-willickers! A 200 whole dollars?! And I get to keep half after taxes?! Boy oh boy! I'll have enough to pay this month's cell phone bill! And get a banana!"
Yay for money, nay for the strings attached
I heard of this person who got a bonus on Friday n resigned on Monday. Lulz.
I’d take it.
These are called bonuses and should be given out yearly. “Retention” is implied.
We don’t call it a “retention salary”, it’s just your salary for doing work.
Not everyone is eligible for bonuses (that’s another discussion) so they are different by design. They do come with stipulations on both sides. But intended for future forward value vs reward for the past value.
In what context is the answer no? Are asking as a hireeee or hirer?
Going to be a slew of them come November if these companies want to stem the tide
Well it comes with the stipulation you have to stay a certain amount of time or you pay it back.
I don’t get how it’s failing on both accounts in your example. You’re missing more variables. Are you fairly paid, do you like the agency, do you like your team?
How much for how long?
Hundred for the hour, up front, no kissing.
Fun fact. If you receive a retention bonus in California that requires “payback” if you leave before a certain time, it’s legally non-enforceable.
Specific to the employee location. I hired an employment lawyer to look at a Publicis retention bonus contract and an IPG retention bonus contract (to repay me if I left Publicis) and he said both were unlawful. You can’t require an employee to pay back wages in California under any circumstance. Feel free to PM me if you need more info!