These are just a few of the many reasons why offering a well-deserved bonus can impact your team and business in a positive way. This article will provide you ideas as to how you can implement bonuses for your team.
Rewarding Perspective
How can bonuses create a positive impact for your company?
- Motivates team members
- Builds loyalty and trust
- Makes team members feel like they are part of the team
- Directs them toward accomplishments and achievements
- Feeling rewarded helps team members choose to grow with your team
These are just a few of the many reasons why offering a well-deserved bonus can impact your team and business in a positive way.
Here are some common examples below to help plant some ideas as to how you can implement bonuses for your team:
KPI's: If certain metrics are essential for the department to hit, you can provide an incentive plan around that for when the team hits those goals. If you haven’t built out specific KPIs, then feel free to set goals for your team and if they hit them, rewarding them with a bonus is a great way to acknowledge them for their hard work.
Ad Hoc Projects: There will be times that team members could be pulled into a company’s project needs that are outside the scope of work that they were recruited for. When those projects are completed, rewarding the team members with a bonus is a great way to let them know how much you appreciate their dedication and taking on new projects. Especially those outside of the scope of work you brought them on for.
Promotion/Leadership Role: We’ve had partners promote team members or make them a team lead of the existing team. If that’s the case, we can set up a monthly recurring bonus for them since they’re taking on more of a leadership/management role. This is an easy way to offer a reward but remain on the same terms that we started with for your company.
Attendance: Good attendance should be a given. However, it is not a bad idea to also reward team members when you can tell that they show up ready to work. You can sense when they care about the business. They show up on time, respond quickly, ask good clarifying questions, etc. This is another great situation to provide your team members with a bonus.
Performance: This example is very similar to the attendance example. If they’re performing well it’s always great to show your appreciation. Recognizing excellence along with a bonus is a double win for your team member and also builds loyalty to your company.
Options for Team Members' Rewards
Cash bonus
- This really depends on what you’re rewarding the team members for. We have seen a range of amounts anywhere from 50 to 250 USD. There have been times where partners have provided 500 to 1000 USD but that’s more of a long term or yearly bonus.
- Upon submitting the request to Extenteam's Partner Success team, this will be processed immediately internally, and will be added to the team member's upcoming pay check and to the partner's next invoice.
- Team members are paid out twice every 7th and 21st of the month. Bonuses to be reflected on the 7th of the month's pay check must be submitted on or before the 2nd of the month. While, bonuses to be reflected on the 21st of the month's pay check must be submitted on or before the 17th of the month.
- Extenteam never takes a cut from bonuses! The entire bonus goes directly to the team member.
Electronic Gift Cards
- Extenteam can help with the purchase of the gift card for team members and send it to the team member electronically (via email) within 48 hours upon notice.
- The amount of the gift card will be at the partner's discretion.
- The partner will be billed for the exact amount of the gift card (including possible additional fees from the merchant / vendor) and will be added on their next invoice.
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No additional charge or service fee on Extenteam’s end.
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A common gift card vendor in the Philippines is Sodexo. This is where Extenteam typically gets gift cards as these can be redeemed with hundreds of merchants & retail stores worldwide. (Note: Sodexo has a minimal administrative service fee of %10 for the purchase of a gift card)
Physical Gifts - Flowers or Fruit Baskets
- There may be difficult times or milestone celebrations that partners want to be part of team members life events; Extenteam can help purchase these gifts on the partner's behalf.
- The partner will be billed for the exact amount of the gift (including possible additional fees from the merchant / vendor) and will be added on their next invoice.
- No additional charge or service fee on Extenteam’s end.
How does it work? How do I provide my team with a reward?
- Send an email to our Partner Success team (partnersuccess@extenteam.com) with the name of the team member to be rewarded, reason, and type of bonus to be given, and we can get that request submitted.
- Partner Success will submit the reward request to either our Accounting team (if cash bonus) so it can be applied to the team member’s next paycheck, or to our HR team (if gift cards or physical gifts) so they can handle purchasing and the delivery. The actual amount will show up on your next invoice.
For any questions or clarifications, feel free to reach out to partnersuccess@extenteam.com.