Retaining business and professional service employees

Business and professional service (BPS) employees compete on expertise, reputations, and client contact networks. Retaining them is critical as clients will follow individual professionals when they resign and obtain employment in rival firms or establish their own firms. There are positive and negative retention strategies. Positive strategies include salaries, bonus payments, flexible working and benefits including access to leisure facilities. Negatives include restrictive covenants in employment contracts, for example gardening leave, as well as golden handcuffs. The latter are based on staggering bonus payments throughout the year. The most important retention strategy is based on providing a supportive working environment and challenging work.