Three tips for rewarding bonuses: Management tip of the day
There are a few tips to keep in mind to help navigate the shark-infested waters of bonus season, according to Harvard Business Review.
January 05, 2011 / 21:02 IST
There are a few tips to keep in mind to help navigate the shark-infested waters of bonus season, according to Harvard Business Review.
The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http:www.hbr.org). Any opinions expressed are not endorsed by Reuters."Bonus season can be tough for managers. They have to decide who to reward and how to best reward them. And with many companies cutting back on perks, these decisions can be extremely difficult. Here are three tips to keep in mind as you navigate bonus season:1. Follow company policies. Most companies have protocols in place to make allocation decisions. Look to your boss or HR for guidance so that you are aligned.2. Tie awards to accomplishments. Bonuses are only motivating and meaningful if they are connected directly to specific achievements.3. Be transparent. Make it clear from the outset what people need to do to earn rewards. When delivering the news, be open and honest about how you came to the decision you did."-Today's management tip was adapted from "How to Navigate Bonus Season" by Amy Gallo. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
