While some businesses struggle in a crisis, others continue to operate – some at enhanced levels.
For example, some companies during the COVID-19 pandemic were in high demand and had to remain open to the public to provide essential services, such as hospitals and grocery stores. These companies often sought ways to reward their employees.
This type of compensation strategy serves the purpose of:
Companies looking to incentivize employees in uncertain times can deploy these motivational strategies.
This is pay that’s in addition to employees’ base wage or salary as a “thank you for being here.”
Before implementing premium pay, consider:
Premium pay must be included in the regular rate of pay and in overtime calculations.
This is a bonus – either in the form of a lump-sum payment or spread out in multiple payments within a specified time period – to keep employees on board at least until a certain date, and hopefully beyond.
This could be available to all employees, or only to especially high performers. If you opt to reward select employees, document the criteria for earning the bonus and why certain employees were given the bonus. Be consistent in the administration of bonuses to avoid charges of discrimination.
Retention bonuses must be included in the regular rate of pay and in overtime calculations.
This is when you reward employees who work “off shifts” (evenings, nights and weekends) in the form of extra wages for the inconvenience of coming in to work at a less desirable time.
Sometimes it’s not about extra pay – it’s the feeling of importance you give someone.
Some low-cost (or free) ideas to show employees how much you value them:
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