Employees that are paid a regular salary will oftentimes expect bonuses based on their performance. This is a great idea for both the employer, because it will encourage the employee to work harder. It will also allow the employer to award the individuals for their hard work and dedication to the company. However, it will be extremely difficult to determine how much the bonus should be, without a performance based bonus plan template. This readymade document is designed to outline the employer’s initiatives and projects progress, schedule and percentage of bonus money. The employee’s overall performance will be graded accordingly.
Print A Copy And Share With Employees
Once the performance based bonus plan is created, the employer will need to share it with each worker. Most companies evaluate their employees’ performance annually, based on the date of hire. Not everyone will be eligible for a bonus, which is why it is crucial to share the plan with the workers, so they can see what they areas need improvement and the areas they met and exceeded. This will encourage the employees to put more effort into the areas, where improvement is needed the most.
You can store the plans on your computer, fill them out and distribute them to each employee on the assessment date.
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