Performance Bonus

What is Performance Bonus

A performance bonus is a monetary reward or incentive that is given to an employee or group of employees based on their individual or collective performance at work. It is typically offered by employers as a way to motivate employees to excel in their jobs and achieve specific goals or targets.

Factors influencing Performance Bonus

Performance bonuses are often tied to key performance indicators (KPIs), such as meeting sales targets, achieving high levels of customer satisfaction, completing projects on time and within budget, or exceeding production quotas. The bonus amount can vary and may be a fixed sum, a percentage of salary, or based on a tiered system where higher performance leads to a larger bonus.

The intention behind performance bonuses is to recognize and reward employees for their exceptional efforts and contributions to the company, with the expectation that this will encourage continued high performance and motivation within the workforce. Performance bonuses are typically paid out periodically, such as on a monthly, quarterly, or annual basis, depending on the company's policy and the specific performance metrics in question.

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