Small business owner to give employees $50K if they stay 5 years., 250K for 25 years

[Liberal_in_LA]

Keep your job for five years, get $50,000

NEW YORK (CNNMoney) -- One small business owner is putting his money where his mouth is when it comes to valuing his employees.

Dan Schneider, founder and CEO of SIB Development and Consulting in Charleston, S.C., is offering $50,000 bonuses to any of his full-time employees who stay with his company for five years.

"In this day and age, there is nothing that makes people loyal to companies anymore," said Schneider. However, a $50,000 retention incentive can change that, he said.

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There are no strings attached, said Schneider. If an employee stays on for five years, he or she will get a check for $50,000. If an employee stays on for 25 years, he or she will get $250,000 in bonus cash. "Most people think I am nuts, and I am fine with that," he added.

http://money.cnn.com/2011/11/08/smallbusiness/bonus/index.htm?source=cnn_bin

[TheWraith]

1. It's my experience that most people would be happy to be loyal to a reliable job.

If it pays decently and the work isn't killing them, most people will stay on.

[Fumesucker]

2. Even if mainly because most people loathe job hunting..

It's a difficult experience for many even in good times.

[leveymg]

3. It's called a bonus. Most companies used to offer one along w/ a pension & health care.

I guess this also is now so unusual that it's news. "The American way of Life" has been destroyed by the so-called Job Creators, the One Percenters who now own everything and everybody.

[TheWraith]

5. $10,000 a year is a pretty damn good bonus. nt

[tridim]

8. I was jealous of Clark Griswold's "bonus" in Xmas Vacation.

Jelly is better than nothing.

[rhett o rick]

4. LOL. Yeah, you can trust them this time. Where will the company "keep" the money?

In company stock? or in the company general fund? Ask NW Airlines employees how that works.

As Lucy says to Charlie Brown, I wont steal your bonus money this time, I promise.

[Snotcicles]

6. $833.33 a month, not to shabby. What kind of benefits?. nt

[Fumesucker]

7. If you treat people as actual human beings instead of replaceable cogs..

You don't need to bribe them to stay.

[NeedleCast]

9. Seems Like A Good Deal

Willing to give them the benefit of the doubt that this company is on the up-and-up about such a plan.

[NNN0LHI]

10. What happens if the owner moves this operation overseas in 4 and a half years?

[JI7]

16. yup, that's why there should be something in writing

so he can't just fire them either for whatever reason just before they are due the money. or if he does they still get some of the money.

[Juneboarder]

11. Get it in WRITING!!!

I was told the same thing 7 years ago that in 5 years I would get $50,000. I tried for the first year to get it in writing and was never successful. Never got any money either... :/

[NNN0LHI]

13. Yea, I think this is a pretty common scam to get people to work more for less pay

I have heard of it before too.

Don

[JVS]

12. Will CNN report back in 4 years and 11 months when he lays a bunch of people off?

[Defectata]

14. I'd be willing to bet his janitorial staff are independent contractors.

[JI7]

15. not bad, but how much is he paying them regularly ?

that matters, someone below mentioned they were offered the same but then they didn't want to put it in writing.

at least in this case the guy is talking to media so he is on record with it.

and it's possible he does see the value of good employees to his business and is willing to pay up to keep them.