Bonus Incentive Programs
Available from 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.