How can I implement performance bonuses in my company?

How can I implement performance bonuses in my company?

Implementing performance bonuses involves setting clear performance metrics, communicating them to employees, and ensuring fairness in evaluation.

What types of performance metrics should I consider?

You can consider metrics like sales targets, customer satisfaction scores, project completion rates, and individual performance reviews.

How do I ensure the bonuses are fair and motivating?

To ensure fairness, involve employees in the process, regularly review the metrics, and provide transparent criteria for bonus eligibility.

What are some common pitfalls to avoid?

Common pitfalls include unclear criteria, lack of communication, and not aligning bonuses with company goals.