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DOCUMENT DESCRIPTION
SOP Bonus & salary Increment (Examples & Templates)
Contents
1. Policy of SOP Bonus & salary Increment
2, Procedures of SOP Bonus & salary Increment
3. Flowchart of SOP Bonus & salary Increment
4. Employee Salary Increment Parameters Form
5. Employee Bonus Parameters Form
An increment or a bonus is undoubtedly a mood booster. Whether it leads to employees improving their performance is another matter. However, if handled well, extra money can definitely boost one's personal finances.
Consistent, fair, and streamlined bonus and compensation processes can make a big impact on employee engagement and turnover rates. Because if your people don't feel comfortable asking you for proper compensation, they're more likely to quit and start a new job that offers a more competitive salary.
A salary increment is an increase in an employee's annual pay in the form of a percentage. Individuals use this percentage as a reference point when negotiating pay increases, while employers utilize salary increments to give yearly raises more fairly and easily. A salary increment system helps make the compensation process more consistent, standardized, and scalable for companies.
Employers may award salary increases for exceptional performance, to correct internal salary inconsistencies, bring employees' pay up to current market standards or retain a particularly valuable or hard-to-replace employee. Employers generally expect that a salary increase will encourage the employee to be more productive, thereby covering much of the cost of the pay raise.
Bonus is an extra pay and sometimes it's a statutory payment made out of profits of a company. Sometimes bonus may also linked with companie's performance and employee performance in order to distribute in most appropriate way. Most bonuses are linked to performance. Profit-sharing and gain-sharing bonuses reward employees for their efforts to boost company profits or meet improvement targets. They typically are paid across the board to all employees or to everyone in a particular department or business unit. Spot bonuses reward individual employees for achievements that deserve special recognition. Task bonuses go to individuals or teams that complete important projects on time and within budget.
A bonus and a salary increase both represent an increase in an employee's compensation. The difference between them is that a bonus is a one-time payment, while a salary increase is a permanent change in compensation, putting more money in the employee's pocket every payday for the entire duration of his employment.
Regards,
UJ Consulting
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Source: Best Practices in Compensation Word: SOP Bonus & Salary Increment (Examples & Templates) Word (DOCX) Document, UJ Consulting
ABOUT THE AUTHOR: UJ CONSULTING
UJ Consulting
Untung Juanto ST., MM. Founder of UJ Consulting. He is professionally experienced business and management consultant in several local and multinational companies.
[read more]
He has an experience in managing an effective and efficient company with various approach methods adapted to different industries because He had a career from the lower management level as Supervisor before finally being at the top management level. His Top Management experience started from the position of General Manager, VP Operation, HR Director and Business Development Director
He completed his undergraduate education majoring in Architecture at Diponegoro University, Semarang, Central Java, Indonesia. After that, He continued to Master of Management level majoring in Human Resource Management with cum laude predicate with a GPA of 3.94 at Mercubuana University, Jakarta, Indonesia.
His last work experience as Deputy President Director at Hutahaean Group in charge of 14 business units engaged in various industries including CPO Production, Oil Palm Plantation, Cassava Plantation, Tapioca flour production, 4 and 5 star hotels, waterparks, golf courses and housing with a total of employees more than 3,000 employees.
His biggest achievement was in 2021 when He served as Deputy President Director at Hutahaean Group Indonesia by increasing the company's revenue from IDR 700 billion to IDR 1.1 trillion (y/y) and increasing the profit margin by more than 20%. Doing a turn around on business units that have lost in the last 5 years become profits. In addition, He have also succeeded in creating an efficient and effective management system by redesigning the Business Process Management (BPM), reviewing Standard Operating Procedures (SOP) and Work Instructions and compiling the appropriate Key Performance Indicator Management (KPIM) to increase employee productivity.
He is currently active as a part-time business and management consultant (online) at Enquire Corp. and Flevy Corp. In addition, He also teach part-time at several universities for courses in strategic management, human resource management, project management, entrepreneurship and business.
UJ Consulting has published 168 additional documents on Flevy.
DETAILS
This business document is categorized under the function(s): Operations Organization, Change, & HR
It applies to All Industries
File Size: 261.2 KB
Number of Pages: 6
Related Topic(s): Compensation
Purchase includes lifetime product updates. After your purchase, you will receive an email to download this document.
Initial upload date (first version): Nov 24, 2022
Most recent version published: Nov 25, 2022
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