A tenure bonus is a great way to encourage employee retention and express your appreciation for the employees who have been at your company for some time. You can add a tenure bonus to any flexible PTO policy.
Tenure bonuses are based on the employee’s start date, and can be added on yearly increments that you decide (1 year, 2 years, 5 years, etc). There’s no limit to the number of milestones you can add, but Everee recommends no more than 5.
At each milestone, you decide by how much you want the employee’s accrual rate to increase, how many hours more they can accrue as a maximum, or both. Each milestone will add to the previous milestones and base policy or individual PTO rates (if applied)
The system will automatically calculate how much PTO an employee should accrue based on the employee’s start date, so you can set up the policy and it will update in the background.
Tenure bonuses can be viewed on an employee's profile. By clicking the edit icon near the "PTO policy" section of an employee's profile, an admin can view an employee's PTO accural rate, including how any tenure bonuses affect that rate.
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