Bonuses can be an effective way to spurn motivation and increase productivity. This being said, bonuses should be a reward that follows a successful achievement of a goal, not something that is freely handed out. Create company achievements with your employees that will be rewarded with a bonus. While these achievements should not be impossible to reach, they should be higher than current levels of productivity. Here are some proven types of business bonuses.
Most large companies give some sort of a holiday bonus. While this is not unwise and it is nice to reward your employees for their performance throughout the year, have the size of the holiday bonus depend on the achievement of predetermined goals. This will keep your employees working hard for the entire year.
Many corporations forget that bonuses can come in forms other than money. Having a work party will help your employees to de-stress and get to know one another outside of a work setting. Having company-sponsored parties for your employees and their families are often widely successful, as many employees appreciate the opportunity to have their family members meet their coworkers.
Some businesses give performance bonuses to whichever team has the most success. This is not a good idea because it can lead to jealousy and bitterness between teams in your company. It is a much better idea to have each team set a lofty performance goal and then to create an incentive for each individual team. This motivates without causing rivalries.
Rewarding your employees with a day off if they complete a large project ahead of time is a great way to boost morale. Not only will your workers work harder to complete the project to get the day off of work (thereby increasing daily productivity), they will be grateful for an unplanned leisure day. Plus, since the company met the project goal, you are not hurting your bottom line by giving your employees the day off.