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Bonus & Incentive Policy

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Some employers like to provide additional rewards to their employees to encourage them to carry out their work efficiently and productively, to meet business goals, and successfully contribute to the profitability of their business.

The policy is to operate for a specified period, which you will be asked to nominate. At the expiry of the nominated period, you will need to reissue the policy (and associated KPI plan) if you wish to reoffer the incentive and bonus scheme to your employees. This will enable the business to trial the policy for a period of time (for example 12 months), to see if it is appropriate and determine what (if any) changes need to be made to better suit your business.


 You will need to create an incentive KPI plan for each category of employee who will be entitled to participate in the incentive and bonus scheme.

Under the policy, the payment of a bonus or other incentive payment is stated to be at the “absolute discretion” of the employer. However, employers should be cautious about exercising “absolute” discretion.  If an employee meets the relevant KPIs and qualifies for a bonus or incentive payment, an employer should not capriciously, arbitrarily or unreasonably withhold payment.
 
Regardless of any incentives or bonuses offered to employees you must comply with all relevant industrial instruments in relation to the payment of wages and other entitlements to your employees.

Filed under

  • Policies
  • Workplace Policies

Price

(ex. GST)

Member $0, Non-Member Member Only

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