Overview of Bonus Scheme – Example

Example organisational bonus scheme.

Overview of Bonus Scheme – Example

Paying a bit extra for the optimum performance can make the employee feel rewarded. A good, fair and well-designed bonus scheme is an upbeat strategy to provide real motivation. It can be a great way to increase your employee’s productivity and so your bottom line. An effective bonus strategy can align the staff with the operational objectives while giving them a vested interest. The strategy you make should reflect a broader set of business objectives. Along with financial considerations, bonus schemes can rely on factors such as attendance, customer service, quality, and performance.

Importance of a bonus scheme

Bonus schemes are a great motivational tool for employees that will incline the employee to perform better and go beyond what is anticipated of them. This ultimately results in achieving the company’s goal while boosting the productivity. Prospective applicants or candidates find it more attractive if the company has employee bonus plans. It is more likely to draw more potential individuals who would normally have passed on the opportunity. You should inform the employee about their rights and privileges, compensation and benefits. They must be informed about the potential rewards that they can get

Structure of bonus schemes

• Increased customer satisfaction
• Financial performance
• Successful delivery of a large project
• Team working
• Productivity and output, extent of workload
• Quality of work
• Overall excellent performance
• Safety record
• Management skills
• Attendance at work

Why Choose HR Expert?

HR Expert provides a wide range of legally complaint templates to ease up the HR management tasks. We strive to help you in managing the HR related tasks without skipping any important steps. Our Comprehensive templates include everything from checklists, forms and letter covering the discipline, recruitment, onboarding and other related processes. If you want to have unlimited access to our huge range of all-inclusive templates, simply register and become our premium member.