Nov 15, 2011

Keep Your Job for 5 Years and Get $50,000

Posted by Wendy Weber

Here is one way to retain employees:

Entrepreneur Dan Schneider, Founder & CEO of SIB Development and Consulting, has offered a $50,000 bonus to any of his full-time employees who stay with his company for five years.

Schneider, a serial entrepreneur, came up with the idea when he considered the cost of training his employees. Training can cost a company tens of thousands of dollars depending on the employee’s experience. He is willing to put his money where his mouth is in order to retain staff. “Most people think I am nuts, and I am fine with that.”

No one has received an incentive check yet, because SIB is only three years old. But the bonus announcement is already boosting morale.
“It is nice knowing that you have a tangible reward ahead of you if you work hard and do a good job, outside of the regular raises that a normal company does,” said Kelly Bogdan, a 28-year-old office manager who has been with SIB since May.

So is this an expensive ploy…or turnover reducing, commitment-enhancing bargain?

To read the article in its entirety, click here.

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