Sample Retention Bonus Letter For Employee In Chicago
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Details to Include: Reason for Bonus: Clearly state the extraordinary contribution or innovation that is being recognized. Amount of Bonus: Specify the bonus amount being awarded. Specific Achievements: Detail the specific achievements or contributions that led to the award.
Another common “red flag” in a retention agreement is the stipulation that the employee's receipt of the bonus will be determined in the employer's “sole discretion.” You do not want to put this type of power in your employer's hands.
When writing a retention bonus letter, make sure you keep it short and simple. Start by showing that you value the employee, before moving into the details of what the retention bonus is. Offer a way for the employee to express interest in the offer, so that you can move forward with them signing the agreement.
I appreciate the performance bonus. Thank you so much for being so considerate and for recognizing my efforts. I consider myself extremely fortunate to work for this company. Because it continually encourages its staff to achieve new goals and provides them with the resources to do so.
You want the company leaders to believe that paying the bonus will be a fair deal in exchange for a devoted, valuable employee who will significantly increase the company's chance of success. Putting your request in writing can help ensure that you sound respectful and reasonable, not threatening.
Be Prepared to Negotiate: Start by asking for a slightly higher amount than what you would be satisfied with, allowing room for negotiation. In this case, you would ask for a retention bonus of $10500. Ultimately, the amount you ask for should reflect your worth to the company and be aligned with industry standards.
