Bonus
An additional form of compensation offered to employees in addition to their regular salary or wages is known as a bonus. Rewards are generally granted to employees for their excellent exhibition, commitment, or accomplishment in the working environment, or as a compensation for meeting specific objectives or targets set by the organization. Rewards can be either cash or non-money, and they can be paid out at various seasons, like month to month, quarterly, or yearly.
Cash rewards are the most widely recognized sort of reward, and they are generally paid out in a singular amount. Typically, the bonus is calculated as a fixed amount or as a percentage of the employee’s base salary. On the other hand, non-cash bonuses can come in the form of gifts like merchandise, travel vouchers, or company stock. These non-cash bonuses are frequently given to employees as a reward for long-term service or as a reason to keep them employed.
Bonuses are used by employers to encourage employees to perform at a higher level, increase productivity, and accomplish company objectives. They are also used to keep top performers in the company and bring in new talent. Rewards are generally resolved considering true standards, for example, deals targets, efficiency levels, or task finish rates. At times, rewards are likewise given as an optional prize by the business to perceive remarkable exertion or execution by a employee.