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Retention bonuses/ approach

Retention bonuses/ approach

Posted: 6th April 2021

Viewing 3 posts - 1 through 3 (of 3 total)
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  • #10925
    Anonymous

    Hi everyone
    We are having a real challenge retaining our developers.
    I am sure others are too given how in demand their skill set is.
    We are in Cape Town, so not only are we competing with other companies locally, but also international companies.
    We are addressing base salary as well as doing stay interviews and looking at culture in general (there are some challenges here) but one other factor we’re looking at is a retention bonus/ deferred comp etc.
    I’m in 2 minds about this, as I think it’s pretty easy for another company to buy out if they want the person badly enough, but would still like to explore what may be helpful.
    Does anyone have any advice or has anyone had any success here?
    Thanks

    #10927
    Anonymous

    Hello Amy

    My experience of retention bonuses is that you are just delaying the inevitable – if people are going to leave they will.  If someone wants them enough then they offer a golden handshake so the employee is equal.

    The culture does need addressing.  Cape Town is cool so your culture needs to match it.  The only thing that worked for us as a tech company (raided by Microsoft which was painful) was to be seen to be cool and agile, we created a great working space and really focused on activities/projects/bigging-up the moment.

    #10946
    Zoe
    Participant

    Hi Amy,

    My experience is similar to Joscelin’s.  It may keep some people a bit longer but it needs to be significant enough to stop them leaving.  In a previous company it was something that was already in place when I joined and actually become the norm with an expectation that it would be in place for the following year too.

    Sounds like you’re doing all the right things by understanding what needs to change to stop people from leaving.

    Vicky

Viewing 3 posts - 1 through 3 (of 3 total)
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