Retaining valuable employees is crucial to the long-term success of a business. One way to keep productivity high and turnover low is by offering retention bonuses.

This is a monetary reward employers give to key employees to entice them to remain at the company. Companies typically provide retention bonuses when there's a competitive job market, significant company changes, like mergers or acquisitions, and for special projects.

Retention bonus agreements vary based on the company, but most contracts include the financial terms of the bonus, the continuing employment terms, an NDA, and terms of repayment.

Another great way to retain employees is to enhance your benefits package with personalized benefits like HRAs or employee stipends. To learn more, visit PeopleKeep.com. You can check out our other videos for more benefits and small business tips.

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