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ARTICLE · 23 NOVEMBER 2023

Employee Retention: Do Bonus Plans Really Work?

IR Global
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Businesses benefit by retaining key team members, especially in a tough hiring environment.

United StatesEmployment and HR
Mark Ferris (Panalitix)
Mark Ferris (Panalitix)
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Businesses benefit by retaining key team members, especially in a tough hiring environment.

Financial incentive programs like bonus plans or profit share arrangements are a common retention strategy. The assumption is that financial incentives increase Employee loyalty while improving productivity.

But is this really the case?

Or do owners end up 'giving away' profit WITHOUT any clear benefit? Sure, most Employees will claim they'd like to earn more... but does this REALLY drive their performance and loyalty?

Having discussed this with experienced managers and team members, here are insights which may help you increase team loyalty and productivity.

Read the full article here.

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