Employers are always looking for way to capture and retain resources in an ever-changing workforce. In the early 90’s, employers figured out how to address the challenges of finding the right applicant and how to keep them. With the shift in the market place and more competitive industry, getting back to “bonus” driven incentives is the way forward. Here are 4 proven ways to meet your staffing challenges:
- Referral bonus—a cash award paid to a current employee for referring a successfully hired job applicant after completion of 90 days employment by the applicant
- Sign-on bonus—a cash bonus given at the beginning of a service period, usually for accepting an employment offer, payable after 90 days of employment or split payouts after 90 days and again final payout after 180 days.
- Spot bonus—a type of informal recognition that is delivered in cash, spontaneously or “on-the-spot.” Driven by milestones, deliverables, achievements, customer accolades and top performance.
- Retention bonus—a cash award typically tied to length of service or some other milestone. Providing for retention bonus’s should be included in employees offer letter of employment and or addendums such to provisions (6 months of employment, qrtly payout, terms, payback terms, and so forth)