* You will be able to define common types of bonus plans to provide you with ideas on how to implement workable policies to grow, motivate, and retain employees.
* You will be able to describe how to market your companys bonus plan to draw in new talent and retain the employees that are essential and loyal to your business.
* You will be able to identify the appropriate bonus structure to enhance performance, quality, and efficiency of your business.
* You will be able to review legal considerations that may affect how you implement the bonus plan.
Learn about innovative options to provide bonuses, as well as how to establish an employee bonus program in compliance with applicable laws.
Obtaining and retaining employees who are motivated and loyal is a difficult task. Determining the appropriate way to appreciate your hard workers is an advantageous tool for any employer looking to boost morale and revenue. Employees have had it rough in the coronavirus dayinage, where a majority of their time has been spent at home, at work, or at their home office. This topic will provide innovative options for employers to provide bonuses, as well as summarize how to establish and administer an employee bonus program in compliance with applicable laws and regulations. Establishing the appropriate bonus plan tailored for your company will be discussed, whether you prefer to recognize individual accomplishments, team goals met, or the entire companys financial achievement.
Developing the Bonus Program That Is Right for Your Company
ï Company-Wide Bonuses for Financial Achievement
ï Individual Incentive Bonuses
ï Team Incentive Bonuses
ï Bonuses for Performance, Retention, and Referral for Employees
ï PTO and Other Non-Monetary Ways to Incentivize
Factors to Help to Determine Employee Eligibility
ï Eligibility and Implementation of Bonuses for Salaried Management
ï Eligibility and Implementation of Bonuses for Hourly Production Employees
ï Eligibility and Implementation of Bonuses for Commissioned Sales Employees
Legal and Other Considerations of Bonuses
ï Fair Labor Standards Act and Applicable Updates to Bonus Plans
ï Effect of Bonuses Being Classified as Supplemental Wages for Employers
ï Potential COVID-19 Considerations for Bonus Plans
Michelle Harris with Innovative Law Group and Mark Zietlow with Innovative Law Group
AIPB ,CPP/FPC (Pending) ,HR Certification Institute ,CPE ,SHRM ,Additional credit may be available upon request.