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SOP Bonus & Salary Increment (Examples & Templates) (Word DOCX)
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BENEFITS OF DOCUMENT
- Provides of Policy & Procedures of SOP Bonus & salary Increment
- Provides of Flowchart of SOP Bonus & salary Increment
- Employee Salary Increment Parameters Form & Employee Bonus Parameters Form
DOCUMENT DESCRIPTION
This product (SOP Bonus & Salary Increment [Examples & Templates]) is a 6-page Word document, which you can download immediately upon purchase.
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.
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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
Complete SOP Compensation and Benefit Management (CBM)
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