86% of Employees Would Stay at Their Job Longer in Exchange for a Cash Bonus

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How much would your employer have to offer you? 

Workers are increasingly demanding fair wages and attractive benefits from their employers. And while some workers are looking to leave their jobs for better opportunities, some are staying in roles they don’t love because of the incentives they receive. A recent survey found that most employees would remain at their jobs longer in exchange for a cash bonus. Find out why workers value incentives like this.

Workers will continue working for employers who value them

Workers seek employment opportunities that offer good pay, benefits, and flexibility. Companies need to offer competitive compensation in order to attract and retain the best employees.

Some employers offer cash bonus incentives to workers if they agree to stay with the company for a set time. And a recent study by Keep Financial found that 86% of respondents would stay at their jobs longer in exchange for a cash bonus. This can be a win-win, as it makes workers feel more valued, and it helps employers reduce employee turnover and hiring costs.

44% of workers would use a cash bonus to tackle debt

Would you take a cash bonus in exchange for staying with your current employer for a set time? A hefty bonus could go far in improving your personal financial situation. The same Keep Financial study also examined what respondents would do with an employer-provided cash bonus. Some respondents said they would use the money to work on multiple financial goals.

Here are some notable findings of the study:

44% of respondents would pay off debt21% of respondents would use the funds for a home down payment28% of respondents would create an emergency fund40% of respondents would save for retirement

Use extra income to reach your goals

If you’re getting a bonus or raise this year, you may wonder what to do with the money. If you’re hoping to better your life financially or personally, you may want to put a good chunk of that extra money toward your goals. Here are some ideas to consider:

Start an emergency fund. Stashing extra money in an emergency fund is an excellent way to prepare for future unexpected expenses. If you have money set aside and need to cover a costly expense, you won’t have to worry about falling into debt. If you don’t have an emergency fund yet, start saving now.Eliminate high-interest debt. Many people struggle with debt. If you’re hoping to pay down debt with money earned from a cash bonus or raise, it’s a good idea to prioritize paying down high-interest debt, like credit card debt. The longer high-interest debt sits unpaid, the bigger your debt problem will become.Invest in yourself. If you negotiated for a raise or cash bonus but know that you aren’t feeling fulfilled in your current role, it can be beneficial to use that money to invest in yourself. You can take classes or learn new skills to advance your career.

More money and quality benefits can make a big difference and improve your life. If you’re not satisfied with your current compensation package, don’t be afraid to explore other opportunities. Plenty of companies value their workers and make it a priority to offer good pay and benefits.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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