Types of bonuses you might not be utilising, but should

When you sit down to develop your staff bonus structures, you often think about how you can create sales goals. However, it isn’t just sales commission that is important for the performance of your staff. There are other bonuses that you can give to help motivate and grow your business.

Offering rewards for responsibilities, other than sales, makes team members think more about their work. They will endeavour to improve their behaviour and perform at a higher standard.

Your compensation software can reward bonuses in the following areas.

Training bonus

Knowledge is power and you can easily add in a training bonus to your compensation software. Staff enjoy the process of learning new skills and research has found that by offering educational opportunities to your staff, you can improve loyalty to your organisation.

Rewards can be given for successfully completing courses as well as an additional bonus for getting a high score in the course. The bonus can be manually added to their monthly pay by a manager.

Customer service award

Attracting a customer and making a sale is one thing, but the next step is to make sure that their expectations are exceeded. Customers who are happy will remain loyal to your business and buy from you time and time again. This makes them a more valuable customer.

If your customers rate your services highly, then your sales team have obviously set the expectations at the right level and should be rewarded. This can be done on a recurring commission basis, or it could be done via a special one-off payment.

Time served bonus

Too many employees are leaving organisations after short periods of employment, sometimes within a year. There’s a high cost to bringing in a new employees and could also impact your organisation’s potential sales.

One way to encourage staff to remain with your company is to offer a bonus for time served in your organisation. Good milestones to consider rewarding include one year, two years, three years, five years or even ten years.

Keep in mind that bonuses don’t have to be kept for commissions only. Rewarding staff for a variety of responsibilities can improve morale throughout the organisation and lead to better performance when it comes to sales. Other bonuses can also help increase employee retention which will lower staffing costs and likely increase profits.

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