Setting up a "Stay Package" for Employees
(This question came to me from an HR practitioner Anonymously)
We are interested in creating a stay package for one of our business units; we have not done this in the past, and want to create an incentive for folks to remain in these specific positions for a period of time, in spite of an uncertain future for the business. We have not done this in the past, so I am trying to determine what this might look like.
Do any of you have experience with something like this? Are you willing to share?
I appreciate any examples you may have.
-
Great question and am very interested in ideas/suggestions. Thinking through this- probably 2 options. 1- "retention" bonus; stay with us for ____ months and you will get a lump sum payment. 2- "severance payment"; if you get separated because of the change in business we will pay you _____ months of base pay. Not sure which is better to a) enhance trust for employee with organization and b) not "burden" company with unnecessary costs.
-
Some of our clients actually have a tenured approach to their benefit contributions. Within 1-2 years company will pay 50% of total benefits, 2-5 years 55%, and 5+ years an increased percentage, and so on. With the increased cost in benefits and now being a major reason for employees to switch company, a tenured approach has potential to come back for companies really looking to become further invested in the company.
