Spot Bonuses
Retaining your new hires longer
Create effective Spot Bonuses.
Spot bonuses can be a great way to target and easily reward employees for their hard work. By leveraging vesting bonuses, you can show your employees they are valued, while driving retention at each vesting milestone.
Showing Appreciation And Driving Retention
Spot Bonuses
There are many ways – beyond a large annual bonus – to show appreciation for your key talent. Even a small bonus can be effective and have a longer-term return.
According to research done by PayScale in 2018, spot bonuses are the second most commonly used form of variable pay, tied with employee referral bonuses, after annual individual bonuses.
There’s scientific proof that small, frequent bonuses can make employees feel more satisfied: In a 2001 study, neuroscientists discovered that the anticipation of monetary rewards generates a significant amount of activation in the nucleus accumbens, which is part of the “reward circuitry” of the brain. In the same study, participants self-reported that they felt happier at the prospect of monetary gain.
The Challenge
Traditional Spot Bonus Limitations
Transactional
Considered a bargaining chip, traditional signing bonuses don’t support future employee retention, morale, or engagement.
Collections
Some states require these to be labeled ‘cash advance’ to ensure future clawback.
Legal
Some states require these to be labeled ‘cash advance’ to ensure future clawback.
Vesting Cash Bonuses
Hiring, Retention, and Performance Solution.
Keep delivers the ability to instantly craft a vesting cash bonus that meets an employee’s needs while delivering the additional benefits of tenure, emotional attachment, and trackable ROI. What if you could be strategic about your hiring and retention compensation program? What if you had a tool that would allow you to easily create and deploy vesting bonuses to your top candidates? Well now you do.
Keep’s Employee Engagement Platform (KEEP) will enable you to attract top talent, close new hires, and retain them longer.
Keep Platform Benefits
Turn-key Onboarding
Turn-key onboarding that allows HR teams to instantly leverage the platform with no dependence on IT integrations.
Bonus Management Dashboard
Bonus dashboard for HR teams to have an integrated view of their bonus portfolio with notifications and updates (for both employers and employees) about key milestones for bonuses.
Employee Portal
Employee self-service portal that lets employees manage their KEEP account and view their bonus vesting schedules.
Governance & Compliance
Performance Challenges
Attach performance challenges to bonuses. Set goals, if an employee achieves the goals you define, then the employee is rewarded with a reduction in vesting schedule or balance.
Embedded Fintech
Enable seamless bonus delivery and funding execution for increased efficiency. Intuitive user interface (UI) for any sized organization and employees at all salary levels.
Companies can use a spot bonus like a scalpel to stimulate feelings of satisfaction among employees, incentivize group behaviors, and build a stronger sense of solidarity.
Harvard Business Review
Employee Retention Program
Deploy a vesting bonus plan in minutes, not weeks.
Creating an equitable bonus and retention program can be challenging. With KEEP you can easily create and deliver vesting cash bonuses to the employees you wish to secure.
See how Keep can help you create an employee bonus
program tied to retention in this short video.
Did you know?
Losing, attracting, hiring, and training employees can be expensive and time consuming.
This is a very real, yet fixable problem with Keep Financial’s vesting bonuses.
94%
Percentage of employees who responded yes to ‘if a company invested in them, they would stay longer.
16% - 213%
Employee turnover costs between 15% and 213% of the workers salary.
23%
Only 23% of businesses say they are not having trouble with hiring.
51%
Workers actively looking for new job opportunities.
8 Months
Average number of month for an employee to reach full productivity.
42 Days
Average number of days it takes to fill an open position.
24%
Turnover rates of 20% before the pandemic could face a turnover rate as high as 24% in 2022 and years to come.
46.7 Hours
Companies spend an average of 46.7 hours to train an employee.
The Keep Advantage.
Keep Financial is revolutionizing how companies attract and retain top talent with vesting cash bonuses – providing an easy-to-use platform to create and deploy usable cash to employees that is earned over their tenure.
Easy to implement and scale
Delivers long term engagement as these are not transactional but purpose built to drive employee engagement.
Retain top talent
Set bonus vesting schedules that drive retention. Enable employees to access the funds early to achieve their financial goals.
Build a performance culture
Reward employees for tenure and performance. Performance challenges enable businesses to achieve goals and builds morale.
More Keep Use Cases.
Easily reward key employees for extra effort and show they’re valued, all while driving retention.
Ensure your merger, acquisition, or other business transformation aligns with top talent retention.
Motivating employees to achieve specific goals can be challenging. KEEP Performing allows companies to create vesting cash bonuses with performance challenges attached.
Get smarter, more productive employees and retain them longer with Tuition Reimbursement from Keep Financial.
