As the traditional 9-to-5 routine becomes a thing of the past, companies are eager to develop new ways of keeping their employees happy and performing to their optimum. The trouble is that not all companies can afford to pay large wages, but yet staff members need to feel valued in order to continue with a company long-term.
According to Glassdoor, which identified which UK jobs pay the highest bonuses, global account managers can expect to receive an annual bonus of anything up to £37,000. This is 34% above the UK’s national average salary, which stands at £27, 6002, whilst according to the Office for National Statistics, the average bonus paid per employee in the year to March 2015 was recorded at £1,500.
Bonus schemes and employee reward strategies are established in order to fulfil a number of key business objectives, such as to improve performance, increase employee motivation or to try and reward teamwork and good attendance in order to enhance workplace culture.
Tailored bonus schemes
A growing number of businesses are adopting a layered approach into their bonus schemes in order to accommodate different jobs, teams or departments who may have different targets. Goals can be set that employees have a significant influence over, such as to hit a number of sales, while at the same time a link can be maintained to the performance as a whole.
Increasingly, companies are seeking to try and establish more dynamic bonus schemes that allow them to alter and evolve depending on how the company is meeting its overall business objectives.
For example, if a certain department is producing excellent results, but the bottom line of the business is suffering, the reward should mirror the overall company success, harness teamwork and less selfish work to ensure the firm is successful.
Going the extra mile
It is obvious to think that giving out bonuses regularly for exceptional work and achieving targets on time will lead to employee’s feeling satisfied that they are treated well and are rewarded for their efforts.
However, resorting to a bonus scheme if there are serious motivational or retention problems within the company will not necessarily provide a long-term solution. Communication is vital, so both employees and the company are aware of where they stand and are appropriately lined with the business’s needs.
If you’re an employer looking to attract the best graduate talent, find out how Discovery Graduates can help.