Types of Bonuses: 10 Bonus Programs for Employees
- Written by News Co
Bonuses are often used by employers to reward their good employees. Good employees are worth more to an employer than bad employees. They also provide them with time off, sick days and vacation time. These time offs and sick days can be used for other business related activities as well. It is a cost effective way to manage time and money. Bonuses are one of the easiest forms of employee appreciation to give.
Most companies have a wide range of possible Bonuses to choose from for their employees. There are many categories of Bonuses and some of these include: Promotions, Outplacement, Expand and Contract Purchase, Performance Bonuses, Above Average Bonus, Sales Bonus, Customer Service Bonus, Financial Sales Bonus, Excellence in Training Bonus, Leadership in Marketing Bonus, Innovation Bonus, and Service Enhancement Bonuses. It is a good idea for you to look through all of these different Bonuses before you make your final decision on which Bonuses you would like to offer to your employees. They may take advantage of attrative bonuses to work for a startup if they believe in its future and the work it has. Compensation can be divided into salary, benefits and incentives. ... There are three key types of incentives: bonuses, profit sharing and stock options.
Promotions: Promotions come in a variety of different forms. The best types of promotions are:- Sales Placement, Market Recognition Bonus, or Service Enhancement Bonuses. These types of Bonuses require that the employees in question have a specific level of performance. Sales Placement Bonus will pay an employee for their past sales. This bonus might be rewarded with a cash bonus, store gift card, or even a dinner at a restaurant.
Market Recognition Bonuses require the employee to be within a specific industry or group of industries. For example, if the employee is an engineer, they may receive this type of bonus for having successfully worked within a certain field or company. A Market Recognition Bonus may also require that the employee be a member of an organization or group of employers that have historically done well in the job market.
Service Enhancement Bonuses requires that the employee has actually performed the act or task for which they are being rewarded. Some examples of these types of bonuses include: Sales Force Bonus, Customer Service Bonus, or Service System Bonus. These types of Bonuses are most commonly used by larger organizations, although smaller companies may also give out these. In some cases, Service Enhancement Bonuses may replace an existing salary increase. However, the salary increase will likely come from somewhere else, most likely an increase in base salary.
Non-Cash Bonuses: Non-cash bonuses are usually given out in the form of discounts or free merchandise. Many businesses will give discounts to their customers for a set number of years or for some event. Free promotional products can also come in the form of pens, hats, t-shirts, etc. When you start looking at the different Non-cash Bonuses that are available, keep in mind that some may be worth much more money than others, so look closely at the description and the terms of the deal. Some Non-cash bonuses might also require a yearly maintenance plan, or periodic service.
Team Building Activities: These are great incentives for employees to engage in. Depending on the program, some employees might need to get involved in one or more team building activities each year. The amount of money that an employee can receive will vary greatly, depending on their performance. Keep in mind that most businesses do not pay out a whole lot of money for this type of bonus. However, they can be highly rewarding, and can be an amazing way for employees to bond with one another.
These are just a few of the main types of bonuses that you can receive as an employee. The types that you will find are only limited by your imagination and your company's needs. However, make sure that your company has some method of compensating you for these bonuses, so that you will have them when you need them. Bonuses can help any company, large or small, succeed. Whether you have staff that needs some incentive to participate in events or you need some employees to help you keep your head straight, bonuses are a great way to reward your employees.
