Employee turnover is a concern for all types of businesses because it is a significant expense. The problem, however, is that most companies do not to action to find ways to retain their employees. If a business owner is interested fixing a high employee turnover rate, he/she must start with collecting data to identify the […]

If you are considering signing a retention contract with your employer, it is important to confer with an experienced attorney to ensure that you are fully protected. Below are examples of common provisions that do not benefit employees, but are often found in retention agreements: Termination “For Cause” Provision Employers often do not define what […]

If you are a key employee and your company is undergoing a merger and/or acquisition, you may be asked to sign a retention agreement. In fact, signing this contract may be a condition of your continued employment during the merger process and with the new entity. However, before you agree to a retention contract, it […]

Why do employers offer retention contracts to certain employees? The simple answer is because the employer needs to guarantee the employee’s continued services. The bigger question is when do employers typically offer retention bonuses? Below are different circumstances where employers typically offer retention contracts: Mergers or Takeovers If two companies in the same industry are […]

When a business is sold, the best-case scenario is that all employees at the purchased company transfer to the purchasing entity. Unfortunately, this typically is not what happens. In fact, it is common for the employees of the company being purchased to be left in limbo as to what will happen to them until the […]

Retention contracts are often drafted by the employer and given to the employee to sign. It is important to understand that you do not have to accept the agreement “as is.” The employer is making the employee an offer, which can be (and should be) discussed and negotiated, before it is finalized. In fact, most […]

If your employer is offering you a retention bonus, not only should you confer with an experienced attorney, but also consider the following: ● What is your employer’s motivation for offering you the bonus? Is the business facing a major change or other organizational disruption? Do you foresee the company being prosperous or facing hardship? […]

If you are an employer considering offering a retention bonus to some of your key employees, it is important to consider whether this is the best option. If your company is facing a time of change or disruption, the typical approach is to induce your executives or star performers with a financial incentive to stay […]

What happens if you sign a retention contract and later change your mind? First, it is important to note that before you sign this type of agreement you should confer with a knowledgeable attorney who can make sure you are considering all your options and help prevent regret later. Second, if you have already signed […]

If you have entered into a retention agreement with your employer and you are offered your dream job during the retention period, it can create quite a dilemma for you. Many people make the mistake of thinking there is no way to take the new job without losing the retention bonus they would’ve received if […]