It's getting close to the time of year that bonus programs are more than a ration of jellybeans or a distant promise. Participation in a bonus program is a common benefit for key employees and this benefit has a definite retention aspect. Since bonus plans typically require that awards are determined after the completion of the employer's business year and that a participant must still be an active employee on the date of distribution, several companies are steeling themselves for a mass exit in the first quarter of 2001.
Unemployment is very low and similarly employee loyalty is likewise minimal.
According to a 1997 employer survey on employee retention conducted by the Society for Human Resource Management, three out of four companies expressed varying degrees of concern about employees quitting their organizations. Retention strategies can take the form of either sizzle or fizzle. Statistically, winners of multi-million dollar lotteries return to some type of work within 18 months of their winning. These three reasons can aid the human resources practitioner about ways to energize the sizzle in the workplace rather than job burnout. First of all, the survey stated that workers prize communication.