Answer to Question #79111 in Finance for Owen Marsden
What are the implications of introducing such a bonus system?
Bonus schemes and employee rewards strategies are established to fulfil a number of key business and HR objectives:
• To improve business performance (e.g. productivity, sales or profits)
• To focus employees’ efforts on key objectives such as customer service, quality and on-time delivery
• To increase employee motivation by establishing a clear link between pay and performance (at an individual or team level).
• To support stakeholder ideals by allowing employees to share in the success of the business
• To encourage change within the organisation.
• To create the desired workplace culture by, e.g. rewarding teamwork and good attendance.
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