Bonuses come in many forms so designing your scheme effectively is critical
Bonuses usually take the form of one-off payments and there are various types of bonus plans or schemes that can be put into effect at your business. Bonus schemes and employee reward strategies are established to fulfil a number of key business and HR objectives:
• To improve business performance (e.g. productivity, sales or profits)
• To focus employees’ efforts on key objectives such as customer service, quality and on-time delivery
• To increase employee motivation by establishing a clear link between pay and performance (at an individual or team level).
• To support stakeholder ideals by allowing employees to share in the success of the business
• To encourage change within the organisation.
• To create the desired workplace culture by, e.g. rewarding teamwork and good attendance.
For all staff
Bonuses are not just paid to the top people. They can be used in manufacturing to reward productivity and output, they can be used in the service sector for customer service and quality, they can be used in all industries to reward efficiency savings and the resultant financial gains.
Types of Bonus Scheme
There are many different types of bonus scheme and each type has options within it. The number of features involved in the design of a bonus scheme means that there are a significant number of permutations to choose from.
Ashworth Black Ltd has designed annual bonus & incentive schemes which reward individual, team, department or company performance or a mixture of one or more of these. If you would like to discuss how a bonus scheme can help your company, get in touch for advice.