It is a financial incentive offered by an employer to encourage employees to stay with the company for a specified period of time. It is typically given as a lump sum or as additional compensation added to the employee's regular salary. The purpose of a retention bonus is to reward and retain valuable employees who may be considering leaving the organization. Retention bonuses are often used in industries or positions where there is high competition for skilled workers or where employee turnover can be costly for the company.
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Retention Bonuses: What You Need To Know
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