The economic recession has forced most businesses to give some sort of incentive to their new employees as a way of retaining them and building loyalty among workers to particular companies. Companies, which have a good record of retention and are perceived as having excellent working conditions, are able to attract younger and more dynamic employees by offering them the opportunity to earn a bonus for every year of service they commit to a certain company.

Bingo, Banknotes, Winner, Lottery, Win

These incentive payment programs come in various forms, such as cash, gifts, certificates, or prizes There is no limit on the number of bonuses an employee can accumulate, but they must be earned within a certain time frame in order to qualify.

Reward Employees

For example, if you work at McDonald’s for a full year without a demerit, your bonus will then increase by twenty-one percent. If you work at a clothing store for a full month without accumulating a demerit, your bonus will then decrease by ten percent. A percentage point in bonus allocation is based upon the annual income of the person, which means that those earning a lot of money can significantly increase their allocation. Younger workers with only a few months of employment are also eligible for a bigger bonus. The exact formula for a bonus award is still under discussion, but companies are beginning to use the age-old method of determining bonus eligibility – the age of the employee.

Some companies, such as the ones located in Maryland, have been granted official permission to give out free merchandise, such as milk, and to pay their workers a higher than normal wage in lieu of signing up for grocery loyalty cards. In some countries, workers receive bonuses based on the total amount of unused premium grocery cards.

Final Words

Other countries, such as India, use a complicated system in which bonuses are given depending on how much the employee spends on groceries and other grocery items. Other countries, such as Italy, use actual points instead of money when compensating employees for bonuses. In general, however, the rules for deciding a bonus amount, the number of points required to receive a bonus, and the manner in which bonuses are determined are still under debate worldwide.

By Ritul

Leave a Reply

Your email address will not be published. Required fields are marked *