That's how I see them as well. It makes people who are unhappy with jobs "just stay until the next bonus". They might quit just after getting it, but if they he

That's how I see them as well. It makes people who are unhappy with jobs "just stay until the next bonus". They might quit just after getting it, but if they hesitate and don't do it on the spot, soon they'll be already in another bonus cycle, and again it makes more sense to wait till they get it etc. The effect is strongest of course if the bonus is substantial.