What Is a Performance Bonus? (And How Can You Get One?)

Many employees want to seize every opportunity to boost their income. While some professionals assume the only ways to bolster their pay are overtime hours or seeking out a higher paying position, that isn’t actually the case. Performance bonuses can be a great way to bump up earnings.

If you wonder what a performance bonus is and how you can get one, here’s what you need to know.

What Is a Performance Bonus?

In the simplest sense, a performance bonus is a financial reward for exceeding expectations. When an employee goes above and beyond, their employee may provide them with a bonus to showcase their appreciation for the extra effort.

The size of a performance bonus can vary depending on the nature of the work and the accomplishment itself. Additionally, a performance bonus might be a set dollar amount for exceeding a performance target, a percentage of sales, a percentage of captured savings, or something else that aligns with the achievement’s nature.

A performance bonus isn’t guaranteed. Instead, it’s additional compensation that has to be earned in a particular fashion. This gives employees the option of expanding their income through increased effort, ensuring that top performers are rewarded for exceeding expectations.

In some cases, what it takes to earn a performance bonus is spelled out. This gives employees the exact target, giving them a finish line that results in additional compensation.

However, performance bonuses may also be awarded for exceeding expectations in a manner that isn’t necessarily outlined. Employers can choose to offer this form of compensation whenever they see fit, which is why always striving to be a top performer can be worthwhile, as you may see an unexpected bump in your earnings as a reward.

How to Get Performance Bonuses and Other Benefits

As mentioned above, a performance bonus is potentially available to employees who strive to exceed expectations, performance targets, or otherwise do more than the bare minimum required in their position. However, having a great on-the-job performance can give employees access to more than a little extra compensation.

At The Advance Group, employees who have great on-the-job performances and solid attendance consistently can gain access to additional programs. Other benefits that may be available include:

  • Advance All-Star Program
  • Steel-Toed Work Boot Reimbursement
  • COVID-19 Bonuses for Qualifying Essential Workers
  • Holiday Bonuses
  • Paid Time Off
  • Attendance Bonuses
  • Stay Bonuses
  • SMART Awards
  • And More

The Advance Group values each and every employee. That’s why we work diligently to ensure that top performers are regularly recognized and rewarded for their efforts.

If you’d like to find out more about the amazing benefits available through The Advance Group or are seeking out new job opportunities that can boost your earnings and your career, the team at The Advance Group wants to hear from you. Contact us to speak with a member of our recruitment team today and see how our programs can make work more rewarding.

 

 

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