Another New Year- Time to Think About Bonuses

Affinity HR Group

With 2019 over and at the dawn of a new decade, it’s an ideal time to think about bonuses for 2020. Organizations of all sizes and across all industries use bonus programs as an important component of total compensation. There are many different types of bonus programs.

Must employers pay a Christmas bonus?

HR Digest

As the festive holidays unfold, the issue of Christmas bonuses becomes a subject that confuses most people. Both employers and employees are usually confused on the subject and begin to sort out whether the employers are to pay a Christmas bonus or not. What is a Christmas bonus? Employers that can afford to pay Christmas bonuses may use them to encourage their employees. It could also represent a lucrative incentive for employee retention.

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2019 Holiday and Incentive Calendar

Kazoo

For each date, we’ve also included a list of feature ideas and suggestions – so whether you’re looking to expand your rewards catalog, swap out your Behavior Bonuses, or create new onboarding redemptions, we’ve got you covered! January Holidays and Incentives. Create a Behavior Bonus for keeping your resolution every week, meditating, or exercising. Create a Behavior Bonus for employees who clear off and wipe down their work station.

2019 Holiday and Incentive Calendar

Kazoo

For each date, we’ve also included a list of feature ideas and suggestions – so whether you’re looking to expand your rewards catalog, swap out your Behavior Bonuses, or create new onboarding redemptions, we’ve got you covered! January Holidays and Incentives. Create a Behavior Bonus for keeping your resolution every week, meditating, or exercising. Create a Behavior Bonus for employees who clear off and wipe down their work station.

Cafe Classic: Nine Ways to Sabotage Your Incentive Plan

Compensation Cafe

I continue to be amazed at the many ways that companies manage to sabotage their own incentive plan efforts. Why bother with the hassle of creating an incentive plan designed to support your company's competitive challenges, business priorities, values and culture when you can simply slap in the one your old employer used or the one that the guy from your networking group emailed you. The Board has declared that there will be an incentive and so an incentive plan there will be.

How To REALLY Design an Incentive To Drive Behavior

What is Paul Thinking

Incentive for Reducing Travel Costs. I saw this on an incentive company site – and I’ll post it verbatim (names changed to protect the “guilty”): “As the cost of air travel continues to rise, many businesses are creating new employee incentive programs that reward them for following the company’s travel policies, according to the New York Times. If you do all three, you get a bonus of 20 points.” Why do you need an incentive for a policy?”.

Incentives Without Teeth

Compensation Cafe

The title of this post probably had you thinking about incentive plans that required real goals to be met before payment was earned. Many companies have incentive plans without links between individuals, teams, departments and the company as a whole. When you evaluate the success of your incentive plans during this year pay special attention to understanding and documenting how each plan, metric and goal is helping or hindering the success of those around it.

firing someone during a pandemic, we have to say what we spent our bonus on, and more

Ask a Manager

We have to say what we’re spending our bonus money on. This past week during our all-hands the founders announced that since we’ve had our most profitable month they want to award everyone a $200 bonus. to require your employees to share what they spend their bonus money on?

Employee bonus programs: What’s right for your company?

Insperity

If you think your business is too small for an employee bonus program, consider these two questions: Have you noticed less productivity or a decline in employee morale? A meaty bonus program could do the trick. But, before you hit the ground running, take a moment to dive into what kinds of bonuses are out there, as well as what goes into creating a bonus program. Employee bonus program basics. First things first: How are employee bonuses defined?

New IRF incentives study: Cash rewards not always that rewarding

Maritz Motivation

So says a new study by the Incentive Research Foundation, Award Program Value & Evidence. The thoroughly documented report discusses two broad topics that should be of lasting interest to any HR professionals involved in employee recognition programs: . How today’s businesses are measuring the ROI on their incentive, reward and recognition programs, both tangibly and intangibly . Cash rewards or bonuses can become conflated with regular salary in other ways, too.

17 Words About Incentive Pay

Compensation Cafe

The 17 words listed align incredibly well with common incentive plan designs. A quick review of incentive pay basics. This is another situation where many people would be very disappointed if they didn’t “get their bonus.” But, if you ask the people at the very top, they will usually tell you that people shouldn’t expect to get paid on their bonus. That leaves three that don’t fit our normal incentive models.

Your Guide to the Most Common HR Legal Documents

Namely

When it comes to drafting legal documents, it may feel like you should enroll in night law school or watch some Law & Order SVU to successfully handle the ever-changing tasks assigned to you. While both your company and its employees may take these documents for granted, you know there’s a lot of strategic thinking and work that goes into drafting them. What about bonuses, commissions, stock options, or other common forms of incentive compensation?

Mark Zuckerberg is Wrong About Remote Pay

Compensation Cafe

You need to get to work documenting the pros and cons and your recommended approach to addressing all of them. Dan is also a leading expert on incentive plans and equity compensation issues. Base Salaries Careers Compensation Philosophy Data and Analytics Incentives/Bonuses Pay for Performance Sales Compensation Small Company Compensation Social Media & Rewards Stock/Equity Compensation Total RewardsIt has always been inevitable.

Time for a Termite Inspection!

Compensation Cafe

Maybe it's a well-written compensation philosophy or handbook, but no real foundation or structure to support the pretty documents. And, of course, there are the more obvious issues like short-term and sales incentive plans. Dan is also a leading expert on incentive plans and equity compensation issues. I live in a house that is more than 100 years old. It was maintained well over the years but, like all old homes, it needs regular maintenance.

Is Your Pay Plan a Trust Buster?

Compensation Force

I have also observed that these "trust-less" compensation plans, more often than not, involve a bonus or incentive award determined entirely by management discretion and a plan that nobody is willing to put in writing. Are these managers, by their unwillingness to make an upfront commitment to or document the manner by which awards will be determined, communicating a lack of trust in their employees. Bonus/Incentives Communication Compensation Philosophy

Spring Cleaning Checklist!

Compensation Cafe

Bonuses are paid, last year's results are old news and grand plans for this year have been signed, sealed and delivered. Run your bonus plan(s)through the washer periodically. Since many (if not all) compensation practices are not documented anywhere, recognize that you can't rely on the status quo. Her firm, re:Think Consulting, provides market pay information and designs base salary structures, incentive plans, career paths and their implementation plans.

Applying Pixar’s “22 Rules of Storytelling” to Pay

Compensation Cafe

Start documenting and modeling as ideas arise. Base Salaries Compensation Communication Compensation Philosophy Incentives/Bonuses Pay for Performance Sales Compensation Stock/Equity Compensation compensation dan walter incentives pay performensation pixar rules storytellingWhat do ‘Up’, ‘Cars’, ‘Inside Out’, ‘Monsters, Inc’, ‘Ratatouille’, ‘Toy Story 3’, ‘The Incredibles’, ‘Finding Nemo’, ‘Toy Story’ and ‘WALL-E’ have in common?

Performance Pay for Gig Workers?

Compensation Cafe

In the meantime, here are some easy and practical suggestions for paying your gig workers based on performance: Early delivery bonus: If the timing of deliverables and/or hard deadlines are critical to your project, consider offering an early delivery bonus (assuming quality standards are satisfied). For time-sensitive tasks, a small early delivery bonus could be the little extra incentive your gig worker needs to make sure things are wrapped up on time.

The Missing Piece of the Puzzle

Compensation Cafe

Base Salaries Compensation Communication Incentives/Bonuses Pay for Performance Total RewardsEditor's Note: Today's post comes to us courtesy of guest contributor Chris Dobyns.

How Do You Measure Results?

Compensation Cafe

We were discussing incentive plans, and my friend asked what I thought was a pretty simple question: “How do you measure results?”. Have you built out a set of minimum, target, and maximum goals on which you would be comfortable paying yourself big annual incentives? Have you documented the expected impact your LTIP will have on company performance (however you define it)? Are you willing to trade-in your current incentive plan for one based on your projections?

Cafe Classic: Is it the Person or the Position:

Compensation Cafe

This might be fundamental Compensation 301 to some readers, well known and fully documented in every textbook, but I don’t recall seeing it discussed much, if at all. Base Salaries Incentives/BonusesEditor's Note: In this Classic, Jim Brennan provides essential guidance on one of the foundational questions of compensation. How much value is added by the individual holding that important management post? Would those same output results occur no matter who was the incumbent?

The Consultant Dilemma: Make Your Own or Go with Store-bought?

Compensation Cafe

When employee legal challenges occur and work becomes discoverable by a court, consultants' work tends to be far more documented than in-house work. Having been on the "hot seat," they can help you avoid practices or documentation that can be easily challenged. Her firm, re:Think Consulting, provides services that include market pay information, base salary structures, incentive plan design, career paths and new plan implementation.

Startup Equity: You’re Coming With Me, or maybe NOT (Part 13 in an n part series)

Compensation Cafe

Often these are defined in your lawyer’s boilerplate document and never addressed during the design and approval phases of your plan. Executive Compensation Incentives/Bonuses Pay for Performance Stock/Equity Compensation Total Rewards compensation dan walter drag along equity first refusal performensation startup tag alongWe’ve covered a lot of ground in this series, but there is always more when it comes to equity compensation.

Relocation Differential or Relocation Package? What's Your Policy?

Compensation Cafe

And since variable pay programs, and sometimes equity award guidelines, can vary quite a bit from location to location, your policy will need to include the steps to either transfer, cash out, rollover and/or qualify the employee for mid-year participation in incentives. You could also pay her certain types of cash relocation incentives like a relocation bonus, cost of living allowance and/or first-year performance target to smooth her transition.

Santa, Where Do Best Practices Come From?

Compensation Cafe

Document how this approach is followed -- including how judgments should be made using the data -- and hold everyone who is doing data analysis on the project to follow the same approach. Base Salaries Compensation Philosophy Executive Compensation Incentives/Bonuses International Compensation Job Evaluation Nonprofit Compensation Sales Compensation

Only Cash Buys the Confidence Needed for Non-Cash Appreciation

Compensation Cafe

Yes, everyone already knows about the past-documented $75,000 “happy” level, but that’s too general to be of practical use. Base Salaries Benefits & Perquisites Board of Director Compensation Compensation Communication Compensation Philosophy Executive Compensation Incentives/Bonuses Nonprofit Compensation Performance Management Recognition Sales Compensation Surveys Total RewardsWhen base pay is inadequate, no amount of non-cash total reward elements can fill that gap.

Why Equity and Not Just a Bigger Salary?

Compensation Cafe

The basis of the article is that we do away with all executive incentive pay and replace it with high (in cases much higher) salary. Since this post is part of my ongoing “Stock Options on the Precipice” series (earlier articles: 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 ), I will try and focus only on that one aspect of incentive pay. Smart people will exploit both the documented and undocumented rules of almost any game.

Startup Equity: In Conclusion (Part 14 of a 14 part series)

Compensation Cafe

Proper planning and documentation can lead to less stress and angst. Compensation Communication Executive Compensation Incentives/Bonuses Pay for Performance Stock/Equity Compensation Total Rewards 409a compensation dan walter equity pay performensation phantom stock rsus sars startup stock optionsIt feels odd to be wrapping up this series on Startup Equity.

Time for HR’s 2014 Performance Appraisal

HR Daily Advisor

If the managers and supervisors don’t treat the performance appraisal process as a sincere and important aspect of employee development, then the employees will not have incentive to work toward their stated goals. If any portion of wages (or bonuses) is tied to employee performance ratings, the employees can suffer economic harm from inaccurate ratings. Legal trouble from lack of documentation. Loss of incentive. Where is the incentive?

Out of the Box Ideas for Employee Appreciation Week

Achievers

Rent a photo booth (or get a Polaroid camera) for the office so your team can document the employee appreciation moments and get some new pictures to put up at their desks – or to share on social media. Screen Ted Talks throughout the celebrations – bonus points for committing to the ‘theatre vibe’ with comfy seats and treats (popcorn machine anyone?). By: Sarah Clayton. Communications and Campaigns Specialist, Achievers.

Lowering Costs and Staying Safe: Employees on the Road

HR Daily Advisor

Create a frequent flier and bonus mile program. Eliminate extensive documentation and costs by reimbursing employees for business travel car expenses at a rate below or equal to the rate allowed by the IRS; 2016’s rate is 54 cents per mile. If you go above the IRS allowance rate for driving reimbursement, the IRS requires detailed documentation of the expenses—which takes time and money to manage. HR Policies & Procedures BLR business documentation IRS

How to Set Goals That Connect and Align Remote Teams

Kazoo

At the heart of the new, remote team goals was this key result: “ Entire sales team and supporting departments adopt this goal and document their own personal key results for this goal by EOD 3/16.”. Support goals with behavior bonuses. In addition to creating shared department goals, Tony partnered with Kazoo’s People & Culture team to populate the platform with behavior bonuses to encourage the team’s success.

Performance Management 2.0: Improving Your Employee Motivation Strategy

15Five

Focus more on base pay and less on bonuses. Use team and organizational based incentives or other programs like profit sharing, gainsharing, employee ownership, or stock ownership. This should be a distinct process from performance management and requires more documentation.

Essential aspects to consider for your team’s motivation

Get Hppy

proposal writing services assign topics according to the skillset of the author; otherwise, the quality of the document will not be evident. Incentives. Introduce incentives. Incentives and bonuses help ensure the employees that their organization thinks about them and genuinely care about their finances and social wellbeing. Incentives help people to take ownership of their job.

How to handle compensation during uncertain times

Insperity

Adjustment of annual incentives or targets. You have the option to end bonuses that employees can earn – usually on a quarterly, semiannual or annual basis – for meeting predetermined performance criteria. It is best to make changes to annual incentives or targets well before payout for the annual incentive or target would be due. Retention bonuses. Be consistent in the administration of bonuses to avoid charges of discrimination.

Reflektive Tips: Onboarding New Employees During the Coronavirus

Reflektive

Build a library of presentations, playbooks, videos and documents for new hires. For extra bonus points, create an incentive program and encourage everyone to step up their recognition game! Reflektive became a 100% remote workforce overnight. In addition to creating my own work-from-home setup, I’m onboarding our new head of corporate marketing along with two other members of our team in the coming weeks.

Retirement Savings? HSA, IRA or 401(k)

Benefit Resource Inc.

Verify HSA contributions, incentives or matching programs. Make sure you provide the required documentation and open that HSA. HSA Incentive Contributions. There are many flavors that an HSA incentive program takes on. Pay close attention to the details of the incentives and the time frames. If you find yourself under the annual limit and receive a year-end bonus, consider a one-time bump to your 401(k) contributions. We all have the best of intentions.