Giving Bonuses in Business

Will Talks Biz Episode 12 Giving BonusesGiving bonuses and incentives in businesses happens for a variety of reasons. Lately we are hearing a lot about interview-based bonuses. The ones I have used are incentive based bonuses. I have used them as a tool to motivate and inspire. While bonuses may bring a quick result, I have learned a few lessons along the way including their long term impact.

Key Takeaways:

{1:43} Short term bonuses are the ones that are typically based on reaching a sales goal. These don’t work well with non-competitive employees.

{2:23} Bonuses can become an expectation versus an unexpected perk when they are overused.

{5:20} Retention bonuses sound great, but the people that came for the incentive ultimately didn’t stick around. On the flip side, the employees that were not incentivized are still with me.

{8:57 } As a leader it is important to own up to mistakes or else you are setting up a culture that allows employees to make excuses versus accept responsibility.

(10:21} Knowing what I know now, when I think about the people that are still here I have to ask myself if I would still have worried about offering bonuses for people that aren’t going to be here?

Offering bonuses or incentives may be a quick solution, but don’t you want a long-term solution to your problem? The right team, culture, and people there will come when you grow and develop them.

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