Employee Bonuses Now Come in Many Varieties

When employees hear the term bonus, the most common images they think of are connected to money given to them if they meet or exceed work quotas, more popularly known as a performance bonus, or in the Philippines, money given during particular periods of the year like a Christmas bonus or a mid-year cash incentive. Others also associate bonuses with money rewards given to government employees for services they render during special occasions like the elections or during a national census.

But more than those common perceptions, bonuses these days have evolved into different forms and manners of payment. The usual concepts that bonuses are only paid during the end of the year and only in cash have been debunked. Here are some kinds of bonuses some employees have been enjoying but you may not be aware of:

Spot bonuses

Being extra helpful or forwarding ideas that could improve company processes and save a lot of money can get you rewarded. Achievements that merit recognition can be awarded to employees by immediate supervisors or someone in a higher position level. Taking extra shifts or spearheading preparations for client visits may not only entitle proactive employees to overtime pay, but also these spot bonuses that range from cash to gift certificates and vouchers. Another great thing about this type of bonus is that an employee, depending on the company's rules, can earn these spot bonuses as many times in a year, as long as he or she consistently displays helpful behavior at work.

Non-cash bonus programs

Similar to spot bonuses, this kind of bonuses are rewarded to employees who exhibit exemplary behavior. Whether it is through perfect attendance or being the top employee of the month, non-cash bonuses are usually given to one employee on a regular basis. The trophy, plaque, or certificate of achievement is coupled with gift certificates, vouchers, and other non-cash perks like an extra day off, free products, or paid parking for one month.

Profit sharing

Many companies have also adapted a strategy wherein they pay employees a bonus on top of their base salaries depending on the profits gained for an entire year. A good number of companies base this on the profitability of the entire company, while some depend on how much profit a particular business line, branch, or brand makes. While some company share profits across the board, some cases depend on how much an employee makes - the more an employee makes, the higher his or her share of the profit is.

Productivity or gain bonus

This kind of bonus is popular among manufacturing firms. It is designed to acknowlege improved quality of the product manufactured and a worker's productivity. When statistical improvements in production, improved quality, and lowered costs of production are experienced in a monthly or quarterly basis, the company publishes a report on which employees contributed the most and are therefore eligible for the bonus. This provides a sense of friendly competition and excitement among employees, and at the same time promotes teamwork, as a substantial improvement in productivity cannot be done by only one or a few members of the production team.

Milestone bonus

This type of bonus is usually provided to employees who work in projects. Once the team accomplishes a certain mission or milestone in a project, they are provided with an extra incentive, usually equivalent to amounts equal to two weeks' to a months' worth of wages. Employees being offered this type of bonus become motivated to finish tasks on or before certain tight deadlines. Achieving this kind of bonus is deserving of mention in one's resume.

 Signing bonus

This bonus scheme is getting more and more popular in the call center and business process outsourcing (BPO) industries in the Philippines. While it used to be that a bonus to entice someone to sign for employment is only applicable to star athletes and celebrities, nowadays, new employees who are joining a call center or a BPO firm are given amounts of money usually worth a month ot two of their salary to "lock in" their commitment to the company. For interested employees who want to take advantage of signing bonuses, take note: most signing bonuses are not given once you sign a contract. They are usually given in portions, which means for example, you are offered a signing bonus amount of P30,000, you will be given P10,000 once you sign a contract, P10,000 once you pass certification, and the remaining amounts once you become a regular employee. There are companies, although very few, that give you the entire signing bonus amount once you sign along the dotted line.

Referral bonus

Like signing bonuses, referral bonuses have become commonplace in call center and BPO firms because of the competitive nature of the industry. Finding qualified personnel for this industry has become a challenge that companies have resorted to tapping into their current employees' network of friends and former colleagues. Since they already know what their jobs entails, current employees would be the best people to know which among their contacts would fit the vacancies in their company and which among them are looking for jobs or are open to better career opportunities. A new hire that passes training and get regularized would usually fetch anywhere between P1,000 to P5,000 and even bigger amounts for those referred to higher positions.

These days, bonuses for employees are now available in different forms for various reasons. JobStreet.com is encouraging employer advertisers to provide more information about any bonus schemes they may have to inform jobseekers of their options and make the whole process of matching prospective employee and employer easier.

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SEEK Asia is the extension of the Australian Securities Exchange listed company called SEEK. The company's purpose is to help improve people's lives through a better career. SEEK Asia's database consist of over 500,000 corporate hirers and over 24 million candidates.

For more information about this article, or to schedule an interview with JobStreet.com Philippines, please call Mark Nichol Turija, Content Marketing Specialist, at 286-6222.