Sample Employment Contract With Bonus
Description
How to fill out Sample Employment Agreement Between Telocity, Inc. And Vice President Of Human Interaction?
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FAQ
More videos on YouTubePut the employee bonus plan in writing.Base the bonus on results that are measurable or quantifiable.Give incentives to employees to meet goals.Be clear on the WHAT, the WHY, and the HOW.Make sure everybody gets something.Make the financial reward a strong enough incentive.
Bonus Structure TipsKnow how much money you have available for the bonus plan.Base the plan on quantifiable, measurable results.Consider setting tiered goals so that employees can reach different bonus levels by achieving more difficult goals.Put your bonus plan in writing.More items...?
Tips for drafting bonus clausesUse clear and concise language, as for any employment contract generally. Avoid convoluted sentences which may be ambiguous. Use plain English. Decide on the form of bonus you wish to pay a guaranteed amount or discretionary, wholly or partly?
Broadly, bonuses can be contractual or discretionary in nature. If the bonus is contractual, the employer must make these payments if the employee meets the required criteria. For example, if you set clear performance targets and the employee meets them, you will need to pay out the bonus.
Usually, you receive the bonus if you meet certain criteria, like reaching a specific performance quota. As long as you meet the requirements detailed in your contract, the bonus is required as part of your compensation package. Signing bonuses and retention bonuses are examples of nondiscretionary bonuses.