A form of the additional settlement paid to a worker or division as a reward for accomplishing particular objectives or reaching pre-specified objectives.
A Performance Bonus is settlement beyond normal salaries and is commonly granted after a performance evaluation and research of tasks finished by the staff member over a particular time period.
Not all organizations offer bonus programs and those that do often determine the most that a worker can get for remarkable performance. Businesses that use an evaluation or worker evaluation process may set a ranking limit that a worker will have to meet or surpass in order to be considered. Because this bonus is given for performance above objectives, workers are not instantly qualified for it. Performance Bonuses may be given to an entire team or division if for example, particular sales numbers were met, or if those things of that group were considered to have been remarkable. A Performance Bonus is extra cash given to a worker as a reward in order to an organization achieves financial or other objectives. Workers generally get Performance Bonuses at the option of the organization. Sometimes there are written goal programs whereby employees know in advance that if their personal performance or particular elements of their performance surpass certain objectives by a certain quantity, a year-end bonus will happen for a certain quantity.