ADVERTISEMENT
 
 

Bonus Incentive Programs

by Fox Lawson & Associates, a Division of GBS

The implementation of a bonus incentive program can greatly benefit most companies. Bonus incentive programs are invaluable tools in attracting and retaining quality employees. Bonus incentive programs need not be monetary in nature to be effective. Studies have shown that employees sometimes respond as well to praise, as they do money. For some companies, a system of praise and recognition for outstanding work, backed up by small, non-monetary rewards may be sufficient to keep employees motivated. In other companies, more pay-based compensation programs may be required to keep employees going. Compensation consultants can work with client companies to determine the best possible means of creating effective compensation programs, while still keeping the company on track financially.

Management bonus incentive programs will naturally be different than those of lower-level employees. By the time a person reaches management, she has likely already put in many years of hard work in the company's industry, and bonus incentive programs for this level of employment should reflect this. Lower-level employees may respond well to smaller incentives given on a more regular basis, as motivation for continuing to do well, learn new skills and meet goals. The company's compensation consultant will work one-on-one with company leaders to create ideal bonus incentive programs for every level of employment within the company.

More Products from Fox Lawson & Associates, a Division of GBS

 
Available from: Fox Lawson & Associates, a Division of GBS
Compensation consulting can help today's businesses achieve corporate goals quickly and more efficiently by giving them the tools they need to attract and retain competent employees. For example,...Read More
Available from: Fox Lawson & Associates, a Division of GBS
Compensation management is something every company must think about from time to time. The field of business is constantly changing, and what worked yesterday may not always be the right solution...Read More
Available from: Fox Lawson & Associates, a Division of GBS
Compensation packages are like the carrot in front of the horse when it comes to attracting quality employees. Even a small difference in compensation packages can lead an applicant to accept a...Read More
Available from: Fox Lawson & Associates, a Division of GBS
If your business is looking for innovative means to attract and maintain quality employees on your payroll, then look no further than Fox Lawson & Associates, a division of Gallagher Benefit...Read More
Available from: Fox Lawson & Associates, a Division of GBS
One of the most important things a company can consider when advertising for an opening is the employee benefits package. Most workers are looking for specific benefits when they apply for jobs and...Read More
Available from: Fox Lawson & Associates, a Division of GBS
We at Fox Lawson & Associates, a division of Gallagher Benefit Services, Inc believe that your organization is as unique as a fingerprint. Our vision is not to create cookie-cutter plans or stage...Read More
Available from: Fox Lawson & Associates, a Division of GBS
The right employee incentives and rewards can make all the difference when it comes to retaining good workers. Competition among employers is fierce for good staff members, and companies naturally...Read More
Available from: Fox Lawson & Associates, a Division of GBS
There are several approaches to consider when planning for employee compensation. Fox Lawson & Associates, a division of Gallagher Benefit Services, Inc have spent the last 20 years gathering...Read More
Available from: Fox Lawson & Associates, a Division of GBS
Employee incentive plans are incredibly effective means to inspire loyalty, commitment, and earnest hard work. A well-designed plan can improve not only the individual employee's outlook, but the...Read More
Available from: Fox Lawson & Associates, a Division of GBS
Incentive compensation systems are in place in companies across the nation. In many industries, salary isn't enough to attract and retain good employees anymore. Workers expect incentives beyond...Read More

Related Research You May Be Interested In

Compensating Your Executive Team on a Shoestring
Whether your company is a start up, a growing company or a mature company, compensating your employees is critical to attracting, motivating and retaining them. This article describes the key ...Read More
Whether your company is a start up, a growing company or a mature company, compensating your employees is critical to attracting, motivating and retaining them. This article describes the key considerations to setting compensation for your executives based on the stage of company growth.

The New Pay Paradigm for Governments
The economy is forcing governments to come to the realization that the old way of managing compensation will not work. This article outlines that things that need to be done to readjust your ...Read More
The economy is forcing governments to come to the realization that the old way of managing compensation will not work. This article outlines that things that need to be done to readjust your compensation systems to accommodate the new reality of few workers and reduced revenues.
ADVERTISEMENT