Muhammad Umar Waqqas
KARACHI: Employee motivation is key to every organisation’s success. It’s the level of commitment, drive and energy that a company’s workers bring to the role everyday. Without it, companies experience reduced productivity, lower levels of output and it’s likely that the company will fall short of reaching important goals too. The way your employees feel about their job and their workplace determines how motivated they are. There is a clear link between job satisfaction and productivity. Job satisfaction depends partly on tangible rewards – for example, how much a person is paid and what benefits they receive.
Bonus is the share of employees in the profit of an employer. It is paid to the employees in recognition of the good services rendered by them while serving the organisation. However, Bonus is conditional on the profitability of a firm. Bonuses have been a staple of employee pay packets for decades. They can help attract and retain staff who value financial incentives at work – which, let’s face it, is most people. And performance-related bonuses can help to keep staff engaged, by promising a higher level of reward for stronger performance.
CEO 360 BPO Solutions says “Bonuses increase productivity and improve business results. As long as commerce has existed, there have been varying forms of incentive pay to motivate employees and drive behaviors that result in improved business outcomes. The most obvious and common type are incentives for increased sales. Sincere dedication of our employees has been behind the incredible success of our organisation and it is our moral obligation to honor their dedication in a prominent manner that we could gain their more interest and energy for the company in this challenging economical circumstances worldwide. We often use bonuses as a way to increase business boost, improve employee retention, thank employees for their efforts and create a positive work environment”.
Ali Sayani added that “issuing our employees with a bonus motivates them to work harder and contribute more. We consider setting performance goals for our staff to work before granting bonus. For instance, if we own a small IT business, we could issue a bonus for staff who have increased their sales over the previous 12 months; the bonus provides an incentive for employees to reach the goal. It is an optimal time to start new projects or give employees extra responsibilities after a bonus; morale is high, with staff eager to contribute.
Staff who receive an enticing bonus are more likely to feel appropriately compensated and show loyalty to business. Loyal employees are typically content and less inclined to look for other employment opportunities, saving your time and reducing recruitment costs. For example, if you pay to recruiter a 10% fee for each new hire, and your average employee salary is $75,000 per year, you save $7,500 in recruitment fees for each staff member you retain. Offering bonuses help attract the best talent to your business. For instance, you could offer a sign-on bonus to lure employees with specialized knowledge from your key competitors”.
“360 BPO Solutions considers using bonuses to create collaboration within teams and departments. We happily pay lucrative bonuses if our staff meets set business goals. For instance, if we own an online business, we could agree to a team bonus if our business increases its quarter-over-quarter revenue for four consecutive quarters. Having a shared business goal to work toward encourages our teams to collaborate to make sure everyone receives the bonus. Achieving a shared goal and receiving the bonus helps build camaraderie and effective communication within our company that increases its overall productivity.
Our employees are extremely important to our organization. We pay special attention to their development and try to ensure that these people of our country continue to play their healthy roles in the development of our company as well as the beloved Country, CEO 360 BPO Solution Ali Sayani told TFD.