Employee Retention Post Close

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October 04, 2024

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

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
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.
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Reply by a searcher
from IE Business School in Madrid, España
It is a delicate topic. You don´t know the employees well yet and you might not have had enough time to assess their performance, contributions or potential. Let them know that you are still in the process of understanding everyone´s role, strengths and contributions and set clear expectations. Be upfront that raises will come with time, after you´ve had the opportunity to properly evaluate each employee´s impact on the business. Also, sellers should inform you on key persons in the business, follow their advice as well.
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