Bonus

Not all companies offer bonus plans and those that do often define the maximum amount that an employee can receive for exemplary performance.

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Companies that use an appraisal or employee review process may set a score threshold that an employee will have to meet or exceed to be considered. Because this bonus is given for performance above expectations, employees are not automatically entitled to it. A performance bonus is a form of additional compensation paid to an employee or department as a reward for achieving specific goals or hitting predetermined targets. A performance bonus is compensation beyond normal wages and is typically awarded after a performance appraisal and analysis of projects completed by the employee over a specific period of time.

Defining a performance bonus

A performance bonus is a form of additional compensation paid to an employee or department as a reward for achieving specific goals or hitting predetermined targets. A performance bonus is compensation beyond normal wages and is typically awarded after a performance appraisal and analysis of projects completed by the employee over a specific period of time.

Breaking down performance bonuses

Not all companies offer bonus plans and those that do often define the maximum amount that an employee can receive for exemplary performance. Companies that use an appraisal or employee review process may set a score threshold that an employee will have to meet or exceed to be considered. Because this bonus is given for performance above expectations, employees are not automatically entitled to it.

Performance bonuses may be given to an entire team or department if, for example, specific sales figures were met, or if the actions of that group were deemed to have been exceptional.

How performance bonuses are offered

Employees might or might not have performances included in the language of their hiring contracts. The inclusion of performance bonuses may be used as a way to make the position more attractive to potential hires. Even if an employee is not guaranteed under contract to receive a performance bonus, they may be instituted at the direction of the employer. Performance bonuses may be instituted regularly, such as annually, biannually, or monthly. They might also be made available only for specific periods, perhaps to drive extra effort for a particular project or a critical sales quarter.

Performance bonuses are often counted as income for tax purposes, which means the take-home pay from such compensation will typically be lower than the gross amount of the bonus. Thus, an employer might refer only to the gross amount of the potential bonuses to heighten employee interest in earning such rewards.

The effectiveness of using performance bonuses may come into question if they are not administered consistently by managers who are responsible for overseeing them. For instance, employees might issue complaints to their managers if they believe they have earned such a bonus, but the specific criteria were not met to disburse those funds. This may leave managers weighing further disruption among the staff when the performance bonuses were meant to encourage greater output by employees. This can result in employees receiving such funds regardless of their activity as a type of entitlement that obviates the purpose of the bonus.

What is bonus pay?

Definition and examples of bonus pay

Ryanjlane / getty images

Bonus pay is compensation in addition to the amount of pay specified as a base salary or hourly rate of pay.

Learn more about when employers hand out bonus pay and what rules come into play.

What is bonus pay?

Bonus pay is additional pay given to an employee on top of their regular earnings; it's used by many organizations as a thank-you to employees or a team that achieves significant goals. Bonus pay is also offered to improve employee morale, motivation, and productivity. When a company ties bonuses to performance, it can encourage employees to reach their goals, which in turn helps the company reach its goals.

How does bonus pay work?

Bonuses may be discretionary or nondiscretionary; in other words, they may be paid out as and when the company sees fit, or they may be specified in an employment contract or other documentation.

Discretionary bonuses: an employer may distribute bonus pay at their discretion, perhaps as a reward for high performance, for an employee-of-the-month program, or for a successful referral of a new employee. Discretionary bonuses are not required to be paid out, and the amount of the bonus is up to to the employer.

For example, many companies do year-end or holiday bonuses. If they are not part of a contract or otherwise promised, they are discretionary bonuses.

Nondiscretionary bonuses: nondiscretionary bonuses are known and expected by the employee. They may be based on a predetermined formula, or on factors such as attendance. They are generally included in the regular rate of pay, which is specified in the employee offer letter, in the employee personnel file, or a contract.

Say, for example, an employer provides an incentive pay plan for employees who achieve certain performance benchmarks. Since the employee knows what is required of them in order to receive the bonus, it would be a nondiscretionary bonus.

The fair labor standards act (FLSA) states that all employee compensation is included in the base rate of pay, which is used to determine overtime pay, but that some bonuses may be excludable if certain criteria are met:

The employer can decide whether to pay the bonus.

The employer can decide the amount of the bonus.

The bonus is not paid according to any agreement or otherwise expected to be paid.

The FLSA also explains that some employees are exempt from its overtime rules if they are:

Paid a fixed salary, which doesn't change based on their time or efforts

Paid at least a minimum weekly amount of $684

Primarily perform "executive, administrative, or professional duties"

Exempt employees may be paid up to 10% of their salary in nondiscretionary bonuses and incentives in order to fulfill the FLSA salary requirements.

Types of bonus payments

There are several different instances in which a company may issue bonus payments.

Contracted bonus payments

Executives, especially those in senior roles, may have contracts that require the company to pay out bonuses. These bonuses are often dependent on the company meeting specific revenue targets. The employer may also base them on different criteria such as sales, employee retention, or meeting growth goals.

Executive bonus payments are not always tied to performance results. Contracted bonus pay is not common outside of the executive suite.

Performance bonus payments

Some companies offer bonuses to people below the executive level as well. These bonuses can be based on many different factors.

Personal performance: employees are rated based on how they met or exceeded the goals set by their management. This type of bonus can also reward soft skills that had an impact on the organization's performance, such as leadership, effective communication, problem-solving, and collaboration.

Company goals: an employee would receive a bonus based on how well the company performed as a whole. If an employee had an outstanding year but the company didn't do well overall, the employee wouldn't receive the bonus. But if the company exceeds its goals, it's possible the bonus may be higher.

Pay grade: typically, if you're paid more money, you're eligible for a higher bonus. As an example, a company might pay one employee $50,000 a year and make them eligible for a 5% bonus if goals are met, but pay another employee $100,000 a year with a possible 10% bonus. Bonuses based on pay grade recognize that a senior employee may have a more significant impact on the company's performance.

Sales commissions

If you're a sales employee (inside or outside), commissions are generally a good portion of your pay. These are often referred to as bonuses as well, but they differ from other bonuses in that they are directly tied to your sales numbers and generally not to anything else. Some companies cap the total sales bonus an individual employee can receive.

One structure of bonus payments frequently found in sales organizations is to reward sales performance at specified levels above commission. Some sales organizations reward employees with bonus pay without commission.

Other organizations set team sales goals instead of individual sales goals. As a team member, you'd earn the same as the other team members make, a portion of the pooled commissions, and bonus, if available.

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Subvention

QUIZZES

DISCOVER THE INFLUENCE OF PORTUGUESE ON ENGLISH VIA THIS QUIZ!

Origin of subvention

Synonym study for subvention

OTHER WORDS FROM subvention

Words nearby subvention

Example sentences from the web for subvention

The subvention on land-tax, and much else, one must glide hastily over; safe nowhere but in flourishes of conciliatory eloquence.

Venice gave the commune of cattaro an annual subvention as solatium.

A subvention may be raised by a perfectly orthodox fiscal process.

His maiden speech, on the subvention to the king of sardinia, was made on the 31st of january 1794.

Harris needed money to support the stadholder's cause, and carmarthen proposed a subvention of £1,200 a year.

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British dictionary definitions for subvention

Derived forms of subvention

Word origin for subvention

Bunkum noun | [ buhng -k uh m ] SEE DEFINITION

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Defining a performance bonus

Breaking down performance bonuses

Performance bonuses may be given to an entire team or department if, for example, specific sales figures were met, or if the actions of that group were deemed to have been exceptional.

How performance bonuses are offered

Bonus

Synonyms of bonus

Cumshaw,

Dividend,

Donative,

Extra,

Gratuity,

Gravy,

Gravy train,

Lagniappe,

Perk,

Perquisite,

Throw-in,

Pension

Bestowal,

Presentation

Benefaction,

Beneficence,

Benevolence,

Bounty,

Charity,

Generosity,

Largesse

( also largess ) ,

Philanthropy

Contribution,

Donation,

Gift,

Offering,

Present

Grant,

Subsidy

Boon,

Manna,

Windfall

Favor,

Freebie

( or freebee ) ,

Giveaway,

Premium

Award,

Prize,

Reward

Fringe benefit,

Icing

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Learn more about bonus

Time traveler for bonus

The first known use of bonus was in 1759

Thesaurus entries near bonus

“bonus.” merriam-webster.Com thesaurus, merriam-webster, https://www.Merriam-webster.Com/thesaurus/bonus. Accessed 12 jan. 2021.

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So, let's see, what we have: A performance bonus is a supplemental compensation that an employer offers to employees in exchange for targets met. At bonus