The Implications of Bonus Strategies for Payroll ManagersHR Resource
August 30, 2012 — 1,790 views
Payroll managers who understand how to successfully control an employee bonus can reward highly effective staff members.
A bonus is often considered a form of gratitude, a way for supervisors to recognize the hard work of successful employees. This type of reward can be built into an employee's compensation package, or could be provided as part of a single superior performance. Regardless of the kind of bonus, payroll managers should recognize how to handle this compensation, as it could impact employee retention.
Examine the following tips to recognize how certain bonus strategies could impact payroll managers.
1. A uniform policy is often the best
When employers reward their workers, they should do so through a universal policy.
For example, a company that rewards one employee for completing a particular task one month should provide the same total to a different staff member the following month. Establishing criteria enables workers to earn bonuses based on their performances, and might increase employee productivity. In fact, staff members who aim for the stars might find themselves contributing to an incredibly successful business, as both these workers and their employers could benefit.
2. Define the parameters
As a payroll manager, you'll likely want to give your employees insight into what it takes to manage cash, taxes and other daily tasks. When you develop payroll bonus strategies, be sure to consult with employees so you can successfully define parameters.
There is a number of benefits to creating payroll bonus strategies. Additionally, they might be more likely to take an active role in enhancing workplace efficiency.
When you develop a vision for instituting bonus techniques, begin implementing it slowly. It could prove useful to reach out for feedback from workers, as they can continuously provide their opinions and views to help you further develop these plans.
The success of these strategies might be immediate or long-term. While you should attempt to define parameters, you must also recognize that every business is different. Some companies might notice immediate workplace productivity improvements, and others may experience difficulties during the process. Regardless of the results, continue moving forward with new, innovative bonus plans that can positively impact your employees.