Reward strategies and benchmarking (cont.)
Other forms of reward you might consider include:
One-off bonus payments for personal performance: Bonuses are often based on a combination of a percentage of salary and how far the employee has achieved their objectives over the year.
Commission: Sales staff are typically paid on a commission basis. The commission rate depends on their success rate so acts as an incentive to employ effective selling techniques.
Performance related pay: Increases level of basic pay based on overall personal performance, rather than as a one-off payment.
Profit related pay: Employee pay and bonuses may be directly related to the profit that a company makes, or the achievement of operational targets.
< Previous: Key points
Next: Reward strategies and benchmarking (cont.2) >