Not unlike candidates competing with each other for roles, companies are competing for those candidates and it’s not all on the recruiters or recruiting department to attract that talent.
Companies attract talent. Recruiters source and connect candidates with companies, but making it a place candidates want to work has the biggest impact on talent performance.
Here are 8 creative bonus types to attract best talent.
When you’re looking to hire the best in talent, get creative when your performance reward systems by offering a diverse blend of bonuses to your employees.
When it comes to employee bonuses, there are a lot of different options to choose from. But which one is the best for your business? And how do you know which bonus will attract the best talent? In this blog post, we will discuss eight creative bonus types that you can use to recruit and retain top talent!
WHAT IS A BONUS?
Employee bonuses are a form of compensation that can include salary, commissions, employee benefits, and more. They are designed to attract and retain top talent in a business. There are many different types of employee bonuses, and each one has its own unique benefits.
A well-designed compensation package is an important tool for businesses to have in their recruiting arsenal. Compensation packages can include not just salary, but also bonuses, commissions, and employee benefits. The key is for employers to build a custom package that works for their business. This can include different bonus types that will attract and retain top talent.
ANNUAL BONUS
Annual bonuses are a type of employee bonus that is given once per year. They are usually a percentage of the employee’s total compensation, and can be used to attract and retain top talent. Annual bonuses can include many different benefits, such as cash, stock, or extra vacation days.
Standard benefits:
- A steady income throughout the year
- Encourages employee loyalty
SIGN ON BONUS
Sign-on bonuses are a type of employee bonus that is given to new employees when they are hired. It is usually a one-time payment, and is used to attract top talent to a business. Signing bonuses can include many different benefits, such as cash, stock, or extra vacation days.
Standard benefits:
- Attracts top talent to a business
- Shows employees that the company is willing to invest in them
DISCRETIONARY or SPOT BONUS
Spot bonuses, also known as discretionary bonuses, are a type of employee bonus that is given at the discretion of the employer. They can be given to employees for any reason, and are used to attract and retain top talent. Spot bonuses can include many different benefits, such as cash, stock, or extra vacation days.
Standard benefits:
- Gives employees an immediate reward for a job well done
- Encourages employee loyalty
RETENTION BONUS
Retention bonuses are a type of employee bonus that is given to employees who have been with the company for a certain amount of time. They are used to attract and retain top talent, and can include many different benefits, such as cash, stock, or extra vacation days.
Standard benefits:
- Encourages employee loyalty
- Shows employees that the company is willing to invest in them
REFERRAL BONUS
Referral bonuses are a type of employee bonus that is given to employees who refer new employees to the company. They are used to attract and retain top talent, and can include many different benefits, such as cash, stock, or extra vacation days
Standard benefits:
- Encourages employee loyalty
- Shows employees that the company is willing to invest in them
- Attracts top talent to the company
HOLIDAY BONUS
Holiday bonuses are a type of employee bonus that is given to employees during the holiday season. They are used to attract and retain top talent, and can include many different benefits, such as cash, stock, or extra vacation days.
Standard benefits:
- Encourages employee loyalty
- Shows employees that the company is willing to invest in them
PROFIT-SHARING
Profit-sharing is a type of employee bonus that is given to employees based on the company’s profits. It is used to attract and retain top talent, and can include many different benefits, such as cash, stock, or extra vacation days.
Standard benefits:
- Encourages employee loyalty
- Shows employees that the company is willing to invest in them
- Attracts top talent to the company
COMMISSION
Commission is a type of employee bonus that is given to employees based on sales. It is used to attract and retain top talent, and can include many different benefits, such as cash, stock, or extra vacation days.
Standard benefits:
- Encourages employee loyalty
- Shows employees that the company is willing to invest in them
- Attracts top talent to the company
- Provides an incentive for employees to sell more products or services
CONCLUSION
Employee bonuses are a great way to show your employees that you appreciate their hard work. They can also be used to attract and retain top talent, and come in many different forms. In this blog post, we’ve listed eight different types of employee bonuses that you can offer your employees.
