A retention bonus is an additional payment or reward provided to an employee, separate from their usual salary, and serves as an incentive to encourage a key employee to remain in their current position.

BizCentric HR offers the capability to set up retention bonuses for individual employees for specific periods.

To access Retention Bonus, go to: > Home > Human Resources > Payroll > Retention Bonus

1. Prerequisites

Before creating a Retention Bonus, it is advisable to create the following:

• Employee
• Salary Component

2. How to create a Retention Bonus

1. Go to Retention Bonus list, click on New.
2. Select Employee and Bonus Payment Date.
3. Enter the Bonus Amount.
4. Select the Salary Component under which you want to give the bonus.
5. Save and Submit.
6. On submit, ‘Additional Salary’ document of the specified ‘Salary Component’ is created. This will be fetched while running Payroll Entry.

3. Related Topics

1. Employee Incentive
2. Additional Salary
3. Salary Component
4. Salary Structure
5. Payroll Entry