A retention divide emerges between 'stay' and 'go' firms
Firms that have demonstrated agility over the past few years in terms of work preferences have improved retention rates, with the opposite true for firms not able to adjust.
A better way to attract talent has arrived.
Benefi allows companies to acquire and retain the best talent on the market, all while reducing churn costs.
We do so by issuing and managing a new kind of signing and retention bonus, putting more money in the hands of employees, and de-risking the investment for employers.
“The market for talent has shifted—certainly for the short term and perhaps for longer—and the competitive factors have expanded. The traditional law firm response of just throwing more money at the problem is not likely to work as well going forward.”
"...many lawyers, especially younger ones, may now be giving higher priority to intangible factors, such as feeling appreciated and recognized at work, as well as achieving better work/life balance and mental well-being".
You might already be issuing signing bonuses.
Here's why you need Benefi:
Track signing and retention bonuses better than ever befo
It's a pain to administer your bonuses on an excel sheet. It's time consuming for your admin staff, and if they're being honest, it's easy to forget if someone has left the organization.
This means hundreds of thousands of dollars of unearned bonuses walks out the door every year.
Focus on the strategic side of your business; not the administration
If your team is honest, they'd rather not spend valuable time managing, tracking, and trying to collect on outstanding debts owed by ex-employees. There's a lot of other time-sensitive tasks they'd rather focus on
Great fiscal responsibility
Even in situations where your team remembers to ask for a signing bonus back if an employee leaves early, you have no recourse if the ex-employee decides not to repay the obligation.
It's generally not worth it to pursue these debts in small claims court individually - but collectively, these losses can be substantial.
Ensure compliance with labor laws
If you want to be able to deduct signing bonuses from other wages owing to the departing employee, you will need to document the bonus as forgivable “loan” to comply with Employment Standards restrictions on deductions from wages.
Chances are you aren't doing this, due to the complexities of managing this process.
By the numbers:
Of turnover is voluntary
Average increase in partner churn (compared to pre-pandemic)
Hungry for more Legal labor data?
Want to see how much employee turnover is costing your firm?
The costs related to employee churn are not always clear; we've got a handy (and free!) calculator to help you determine the impact on the bottom line.