Monetary Retention Bonus Program
My organization is establishing a Retention Bonus program, and I am looking for suggestions on how to best structure it.
Is it best to pay a percentage of salary or a flat dollar amount at the end of a specified time?
We are a non-profit healthcare organization trying to retain the high-quality medical providers we currently have, who are actively being recruited by larger entities with deeper pockets and are offering large sign-on bonuses.
I appreciate any guidance you can give. - Kelly
In my experience, it is best to pay a percentage of salary. It is also important to consider risk and impact of loss when determining whether or not an employee is eligible for the bonus, and at what level. I would be happy to share more about some of the programs I have implemented, and I can share some tools that may be helpful. Feel free to direct message me to schedule some time to discuss further, if interested.