The Loading Growth Blog

GROWING A-TEAM

How do you attract high-performing consultants into your business? How do you nurture them so you won’t lose them? We give you practical tips that you can apply right away to keep your team motivated.

Why you need a crack hot bonus scheme?

While financial benefits are not the be-all and end-all of motivating your staff, a well-designed bonus scheme can make a positive difference. However, timing is also important when giving them. Learn how by watching this video!

It’s been proven that a well-designed bonus scheme can make the difference between a mediocre consulting firm and an industry leader. Why do you need a bonus scheme? How do you motivate your staff? These are some of the questions that can be answered by using our Growing A-Team Key. True that you have to put in a lot of effort for this to work, but it impacts. How do you go about creating the bonus scheme? You need to link the bonus scheme to reward both personal and company performance. Make the numbers transparent, and as easy to measure as possible.  WATCH OUT! Bonus can bring negative behaviors. You need to keep a tight grip and manage any situation that arises. #bonusscheme

Having a bonus scheme in place motivates your team to do more and encourages their loyalty. 

On the other hand, a poorly designed plan can have negative effects on employee behaviour. 

Creating a Hot Bonus Scheme

You can base your bonus scheme on different criteria:

  • Individual performance
  • Team performance
  • Overall business performance
  • A combination of two or all 

The bonus model should be realistic. It should also motivate them to perform better as well as improve the quality of their work and behaviour. 

Timescales

Another important thing to remember — it should include clearly defined rules when they will receive these bonuses. 

If the time frames are not clear, it will confuse your employees. Worse, they will feel tricked.  Transparency, on the other hand, eliminates employee distrust. 

Triggers

Triggers are additional points your employees need to meet before they receive the bonus. For example, if your company earned a certain amount of profits, they receive a certain percentage from it. 

Type

Bonus schemes can either be guaranteed or discretionary.

Guaranteed bonus schemes are included in the employment contract. You are obliged to pay these bonuses if the employee meets the targets indicated in the contract whether you gain or lose profits.  

Discretionary bonuses are created if there’s a high level of trust between you and your team. They are given at will when your team has shown exceptional performance.

Share on facebook
Share on twitter
Share on linkedin