Employee Retention Post Close

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by a searcher from University of Toronto - Joseph L. Rotman School of Management
in Vancouver, BC, Canada

1yr ago

Employee Retention Post Close

In many cases, employees ask for a raise post close. If you give someone a raise, that would lead to everyone else asking for a raise as well - which is generally difficult in the initial phase. What are some good ways to handle this to retain employees as you figure out the business in the beginning ?

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reply by a searcher 1yr ago
from Emory University in Atlanta, GA, USA

I had only one hard ask for renegotiation from a manager. I offered 1-year retention bonuses for all managers and noted, as many have stated above, that we will need time to assess profitability and individual performance. I am extremely glad we did not immediately renegotiate, he was under-performing and a bad fit, so was released a few months later.

reply by a searcher 1yr ago
from University of Georgia in St. Louis, MO, USA

I would recommend going the retention bonus route vs raises. You'll bring a different style of leadership than the previous owner (assuming you are running it), and you may find you need to transition people out or that there are people who are getting paid a lot who are delivering little value. Agreed with the above points about having a process vs being reactionary. If someone is going to walk over not getting a raise when they want, they'll walk over something else when they do.