8 Secrets To A Perfect Bonus Program

NCMA

8 Secrets To A Perfect Bonus Program

Kevin Kruse
 

I’m fascinated by the topics of motivation and employee engagement and one tool I’ve focused on in the past is variable pay. I even wrote an article suggesting that the unemployment crisis could be solved if we paid people the way we paid pro athletes—low base, super high incentive pay.

I recently met long-time entrepreneur and business leader, Gary Brose, who is passionate about creating “perfect bonus programs” for everybody.

Brose suggests there are 8 key elements of an effective program. They are:

    1. Gradiated—create multiple levels so employees always have higher levels to strive for.
    2. Equitable—Eliminate rivalry between departments or job types by making the bonus programs fair across your company.
    3. Timely—vary the frequency according to job level. Lower level employees should get bonuses in every paycheck, mid-level managers should be bonused quarterly and senior executives should be bonused annually
    4. Simple—make sure it’s…

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