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Sponsored by Lorman Education
Product ID: 407625EAU
 
Credit & Course Provided by:

Examining Bonus Strategies

OnDemand Webinar (91 minutes)

Learn about innovative options to provide bonuses, as well as how to establish an employee bonus program in compliance with applicable laws.Obtaining and retaining employees who are motivated and loyal is a difficult task. Determining the appropriate way to appreciate your hard workers is an advantageous tool for any employer looking to boost morale and revenue. Employees have had it rough in the coronavirus day-in-age, where a majority of their time has been spent at home, at work, or at their home office. This topic will provide innovative options for employers to provide bonuses, as well as summarize how to establish and administer an employee bonus program in compliance with applicable laws and regulations. Establishing the appropriate bonus plan tailored for your company will be discussed, whether you prefer to recognize individual accomplishments, team goals met, or the entire company's financial achievement.

Authors

Michelle Harris, Innovative Law Group Mark Zietlow, Innovative Law Group

Agenda

Developing the Bonus Program That Is Right for Your Company

• Company-Wide Bonuses for Financial Achievement

• Individual Incentive Bonuses

• Team Incentive Bonuses

• Bonuses for Performance, Retention, and Referral for Employees

• PTO and Other Non-Monetary Ways to Incentivize

Factors to Help to Determine Employee Eligibility

• Eligibility and Implementation of Bonuses for Salaried Management

• Eligibility and Implementation of Bonuses for Hourly Production Employees

• Eligibility and Implementation of Bonuses for Commissioned Sales Employees

Legal and Other Considerations of Bonuses

• Fair Labor Standards Act and Applicable Updates to Bonus Plans

• Effect of Bonuses Being Classified as Supplemental Wages for Employers

• Potential COVID-19 Considerations for Bonus Plans