Empress HR: Mastering the Retention Bonus Feature

Guides & Tutorials
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Introduction

One of the key aspects of managing a successful business is employee retention. Empress HR provides you with the Retention Bonus feature, a unique tool to help you incentivize and retain your valuable employees. This guide will guide you through the easy-to-follow steps of creating Retention Bonuses in Empress HR.

What is a Retention Bonus?

A Retention Bonus is a special monetary reward given to key employees, above their regular salary. This financial incentive is designed to motivate employees to stay with the company for a specified period, improving employee loyalty and reducing turnover.

In Empress HR, the Retention Bonus feature allows you to set up these bonuses quickly and easily. You can find this feature by navigating through: Home > Human Resources > Payroll > Retention Bonus.

Preparatory Steps

Before you begin, ensure you have the following prerequisites ready:

  • Employee: The key employee who will receive the retention bonus must be registered in the Empress HR system.
  • Salary Component: This term refers to a specific part of an employee’s salary package, such as a housing allowance or medical benefit. In this case, you’ll need to define a Salary Component for the retention bonus.

How to Create a Retention Bonus

Creating a Retention Bonus in Empress HR is straightforward. Follow the steps below:

  1. Go to the Retention Bonus list and click ‘New’.
  2. Choose the employee who will receive the bonus and set the Bonus Payment Date.
  3. In the Bonus Amount field, input the bonus value.
  4. Pick the Salary Component you want to assign the bonus to.
  5. Click ‘Save’ and ‘Submit’ to finalize your changes.

Once you submit, an ‘Additional Salary’ document will be created for the specified Salary Component. This additional salary will be included when you run the Payroll Entry.

Conclusion

Empress HR’s Retention Bonus feature provides a simple and efficient way to manage your employee incentives. This feature enhances your business processes by providing a flexible and automated way to reward and retain your key employees.

Just remember to have all prerequisites in place before starting, and follow the outlined steps to successfully create a retention bonus. For additional support or resources, feel free to contact our Empress HR support team or visit our Help Center.