| Incentive Bonus Calculator |
| Wage payments over that required by an industrial award are best given as incentive bonuses which are paid in proportion to improvements in productivity. These bonuses are calculated as part of a wage package which takes into account other payments on top of wages that are required for compliance with an industrial award. This achieves industrial award compliance whilst providing an incentive to improve work performance. Using this program a manager can know, with reasonable accuracy, the full cost of an employee and have some assurance that there will be sufficient return to pay these costs. Bonuses are only paid if there is sufficient business turnover to pay for them. The manager can also avoid some of the common pitfalls of bonus calculation, such as forgetting to allow for superannuation to be paid on top of the bonus. |
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USEFUL FOR PEOPLE WHO:
- Manage wage budgets
- Are looking for ways to improve and enhance the productivity of their work place
- Are looking for ways to engage their employees in the fortunes of their business
- Wish to ensure that they comply with industrial awards
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- Are looking to improve the reliability of incentive bonus payments and package calculations
- Intend to use measures of employee performance to control the size of their wages bill
- Wish to calculate wage packages whilst ensuring compliance with their industrial award
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- Wish to calculate the full cost of a wage package taking into account different aspects of a wage and the interaction between them
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- Manage the productivity of businesses where work is covered by industrial awards
THE MODEL
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A wage required by
the appropriate award is paid as and when it falls due without any
performance standard except for that which is required to avoid lawful
dismissal.
A measurement is chosen which properly measures the performance of the
employee (for example Net Profit)
A bonus is offered based on the extent to which the measurement exceeds
an agreed point. This point equates to the performance at which only the
award rate of pay is warranted.
The measurement is made each chosen period such as a month or year and
the bonus calculated and paid.
DISCLAIMER
Growth Plan does not possess a thorough working knowledge of your business, or of the environment in which you operate. As a result Growth Plan can make no representations or warranties as to the accuracy or completeness of the information provided in this workbook or on its capability to achieve any purpose.
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