Effective Bonus Plans

Date: Jan 21, 2014
By: Joel Lazer, FCPA, FCA, CIRP

In order to be effective, a bonus plan must:

  • be related to the work performed,
  • be consistent with the company goals,
  • be seen as attainable by the participants,
  • pay out a meaningful amount,
  • pay for improved performance.

Effective means the participants will be:

  • engaged,
  • more knowledgeable about their jobs,
  • more knowledgeable about the company goals and objectives,
  • inclined to work in concert with other team members.

The results will be:

  • a happier, more effective team,
  • reduced team member turnover,
  • improved incomes for the team members and the company.

How’s your bonus plan?

Your Success Starts Here

It’s time to Grow

Your business growth and success is only a few keystrokes and a click away. Get in touch with our professional accountants and get your business on track for success today.

Let's Begin the Conversation

This field is for validation purposes and should be left unchanged.