A long, long time ago—back in the happier, fatter economic times before the dot-com bubble burst—I worked for a company that gave employees an annual year-end bonus that numbered in the 4-digit range.
Certainly not Bank of America levels, but still. It. Was. Awesome.
The bonus supposedly was tied to employee performance, but if you paid attention you realized that no one ever seemed to not get a bonus. So, either everyone was a top-tier performer, or the tether from performance to the bonus was a pretty weak one.
That company committed two of the three biggest mistakes that Michael Levy — president of Online Rewards, who has created employee reward and recognition programs for Macy’s, British Airways, the U.S. Army, State Farm Insurance and BMW — lists among his three tips for making the most of employee bonuses.
Even though cash tops employees’ holiday wish lists this year, Levy says it’s time to re-examine the conventional wisdom regarding the value of year-end bonuses. He offers three bonus secrets that employers need to know:
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