Motivating your employees is one of the most important things you can do as a business owner or manager. You need the right strategy to achieve it and you don’t want to end up not providing the best bonuses which could affect your employee’s morale. Exercise these 6 tips to determine the best bonuses:
Per cent of Profit
How much your employees contribute to the company profit is a major factor. The per cent of profit you can give them needs to be in line with the contributions to the company as well. Besides rewarding your employees with cash money. Consider other options like special commemoration or offer extra vacation time.
Whether you are in the home security, food, or entertainment industry, the role your employee plays matters. Depending on how much they have contributed, the person who works the hardest should get the best bonuses. There is nothing wrong with special privileges if their role is vital to the company business.
A positive attitude is essential in business. When an employee project a positive attitude, it affects everyone in the office to work harder and it rubs off on the customers too. So consider offering more bonuses based on attitude scores throughout the year.
There is a difference between showing up one time with a great performance and doing it again and again. When someone is consistent, you know that you can rely on them. Because of the fact that consistent and loyal employees help you plan better, you need to reward them fairly.
Related: How To Develop An Agile Workforce
Seniority should be rewarded for their achievements and if they reach certain career milestones. When an employee gets promoted to a senior position, provide a salary increment along with extra bonuses for their contributions.
Proximity to Revenue
The closer an employee is to the revenue, the more valuable they are. For instance, someone in sales or marketing is directly tied to your bottom line. This is different than other positions that are specialised in maintenance or administration. Adjust your bonuses according to their contribution to revenue and profit.
When it comes to motivating your employees, you need a solid plan that is proven to get positive results. That way you can move faster, achieve more goals, and keep your employees happy. So don’t risk falling behind in your market. Have a solid strategy that will keep your workers focused on getting the right results for your business. That way your competitors don’t pass you by.
About the author
Craig Middleton has worked in health, real estate, and HR businesses for most of his professional career. He graduated at UC Berkeley with a bachelor’s degree in Marketing.