Bonus is a bit of a swear word at the moment but as long as you’re not rewarding incompetence and the bonuses aren’t 7 figures (if they are then I’d like to apply for a job) then they are an excellent way to retain key staff.
The marquee hire industry is obviously very seasonal generally peaking in mid-summer. It doesn’t matter who you are or what size company you have if you lost key members of staff at that time then it’s going to cause you serious problems.
For all team leaders (ie someone you can leave in charge on site) we would give them a 4 figure bonus if they stayed with us until the end of September. I can think of at least 2 occasions when tensions were running a little high this saved us losing a key member of staff. 4 figures may sound generous but if you sit down and work out what you’d have to do if they walked out in the middle of your busiest week then the bonus is a cheaper option.
We also had a condition that any tool breakages/losses were deducted from the bonus which suddenly increased their life-expectancy but that’s just an optional extra point.
Thanks for reading -try not to let your bonuses create a worldwide credit crisis.