This company pays you bonus to leave the job
Advertisement
Usually, bonuses are offered by employers at the end of every year as a way of reward employees for a job well done. It is also seen as an incentive to retain their top talent. But it’s a different story for Mavens , a cloud-consulting company for the health-care industry.
This company pays you a bonus to quit. Weird, isn’t it? It will start making sense when you read further.
CEO and co-founder Prasad PKKanumury says he has started this weird policy for the same reason as other companies - to retain top talent. But how? We will get to that.
Before that, there’s a catch here. There always is. The bonus option can be availed only by freshly inducted employees, till 45 days from joining date. Basically, if an employee who has recently joined the company feels he/she wants to leave, because it doesn’t meet their expectations or they feel unhappy, the company gives them the right to accept 10 percent of their base salary as a bonus to quit.
The premise of initiating this policy is if an employee is unhappy with the job, they're going to be looking for a job anyway.
"A lot of people don't want to quit a job without having one already lined up. It's all about the money. They have to pay their bills. We'll pay your bills while you look for another job. Leave. Don't waste our time because you're looking for another job anyway." Kanumury told cnbc.
Even as this policy is for those who want to quit, for Mavens, it has yielded counter results – it is leading to employee retention at Mavens.
"The investment in someone to be prepared to do the job is tremendous and I'm cutting my losses pretty quick if someone doesn't want to be here. If they take the bonus then, I don't have to train them on everything we do. It's an advantage for us," said Kanumury.
Isn’t that just a great idea?
Advertisement
This company pays you a bonus to quit. Weird, isn’t it? It will start making sense when you read further.
CEO and co-founder Prasad PK
Before that, there’s a catch here. There always is. The bonus option can be availed only by freshly inducted employees, till 45 days from joining date. Basically, if an employee who has recently joined the company feels he/she wants to leave, because it doesn’t meet their expectations or they feel unhappy, the company gives them the right to accept 10 percent of their base salary as a bonus to quit.
The premise of initiating this policy is if an employee is unhappy with the job, they're going to be looking for a job anyway.
Advertisement
Even as this policy is for those who want to quit, for Mavens, it has yielded counter results – it is leading to employee retention at Mavens.
"The investment in someone to be prepared to do the job is tremendous and I'm cutting my losses pretty quick if someone doesn't want to be here. If they take the bonus then, I don't have to train them on everything we do. It's an advantage for us," said Kanumury.
Isn’t that just a great idea?
Advertisement
- Welcome to the white-collar recession
- Singapore Airlines was ordered to pay a couple compensation for 'mental agony' after they complained their business-class seats didn't automatically recline
- A 101-year-old woman keeps getting mistaken for a baby on flights and says it's because American Airlines' booking system can't handle her age
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- Assassin’s Creed Mirage on iPhone 15: Killer game to debut on Pro and iPad on June 6
- 5 worst cooking oils for your health
- From fiber to protein: 10 health benefits of including lentils in your diet
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market