The Different Types of Bonuses You Can Give to Your Employees
Bonuses are a great way to not only create an incentive for employees to go above and beyond, but its also is a reward that can show your appreciation for your employees.
Today we will go over some types of bonuses you can offer to your employees, that have been used by our interim executives.
For the most part, every year or every six months, you set goals for your employees. Once the reach that goal, they have achieved their task, but what if they go over that goal, what should you do? The best thing you can do as an employer is to reward employees for overachieving. You can either give a monetary reward or some stock options. By giving rewards for overachievement, it pushes your employees to always overachieve because who doesn’t love free money!
Giving bonuses during holidays or even birthdays is a great way to show appreciation. For holiday rewards, you don’t necessarily have to give money to each employee, maybe you can take everyone out for lunch or throw some sort of holiday party. Whatever you do, it tells your employees that you care.
Evaluations work best in teams. You can give out surveys to various team members about their teammates and ask questions along the lines of, “how did X contribute to this project” or “how did X help you grow.” Essentially what you want to find out from these surveys is to see who showed good leadership, who innovated the most, and/or who helped the team succeed. To avoid dissent, you can give everyone on the team a base amount, but those who were highly regarded in the surveys, could receive a little bit more than the base amount.
When an employee finds a way to reduce costs or creates a program which makes a process more efficient, rewarding them with a bonus is a great way to thank them. Besides that, rewarding employees for new innovation will inspire others to use their thinking caps to find new ways to certain things.
With all of these different bonuses, the main thing that they all do is to inspire others. When people see that they can receive extra money by putting in extra effort, most will take up that offer. The key thing to remember is to not go overboard. Only give a reward when it is financially feasible for the company.