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Offer Letters and Retention

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Please explain the following in detail? It can be attached as a separate file. I want a clear understanding of these topics because I cannot seem to grasp them.

-Why is it important to be thorough in an offer letter?

-What is the offer letter's function in regards to compensation and benfits over time versus using it as a contract for employment?

-What are some of the retention programs designed for non skilled workers such as golden handcuffs, long term incentive agreements, stock options, bonus plans, oprofit sharing, etc.

-Explain how retention programs vary across organizations.

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Solution Summary

Why is it important to be thorough in an offer letter is determined. The offer letter's function in regards to compensation and benfits over time versus using it as a contract for employment is analyzed.

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-Why is it important to be thorough in an offer letter?

Offer letter should be thorough to ensure that the recruited employee has a clear understanding about the job being offered, such as those related job requirements and duties, responsibilities, compensation, etc. It also puts forth the conditions of the offer in writing, thereby avoiding any disputes or legal issues in the future.

What is the offer letter's function in regards to compensation and benefits over time versus using it as a contract for employment?

A detailed offer letter that outlines the compensation and benefits at the time of joining the organization in detail, along with other terms of conditions of the job, puts forth the negotiated terms and conditions between employer and the employee in writing and thus, acts as a contract. From the perspective of compensation and benefits over time, a well designed, thorough offer letter often reminds the employee during the later stages of his career with the company, about the progress he has made till date with the company, as compared to his compensation given to him during his initial joining with the company. The initial offer letter, thus, serves as a motivator for the employee to keep progressing in the organization with superior performance.

-What are some of the retention programs designed for non skilled workers such as golden ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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