A retention agreement is a type of document created by large corporations where all or specific skilled employees of those organizations have to agree to certain terms and conditions so that they can be retained and continue to work there for a considerable period of time. Skilled and talented employees are very much in demand by different companies and in a situation where the employer is going through a business crisis or if a higher salary is offered, an employee may leave the organization and move to rival company.
In order to prevent that from happening, companies enter into a retention agreement with the employees which is part of the work contract signed between them. While a contract specifies that the employee needs to work in that organization for a specific duration, a retention agreement focuses on the benefits and compensation to be received by the employee if he continues to work there, like bonuses, salary hikes and so on.
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Sample Retention Agreement
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