Essay on Individual Bonus Or Shared Bonus?

Essay on Individual Bonus Or Shared Bonus?

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Individual bonus or Shared bonus?
Introduction
Choi (2013) argued that offering bonus will lead positively affect on workers’ beliefs and effort. To introduce how to pay bonus more effectively, this essay will begin by illustrating some representative types of bonus. Following this, it will compare the team-based reward and individual reward system and analyses their advantages and drawbacks respectively by using some examples and citations. And at the end of the article, it will give a recommend option, the combined bonus, to the managers to improve the organisations’ productivities.

Types of bonus

Purkayastha and Chaudhari (2011) claimed that the performance management and reward systems were responsible for a company’s good industry and productivity (cited in Njanja et al. 2013, p. 41). So far there are two dominant options of distributing the bonus, one is individual reward and the other is team-based. A common but easy-to-use mean to give staff incentive is individual reward. There are two main types of it, one is bonus based on qualitative which includes performance-based reward and job duty-based reward, the other is on quantitative whose representations are earning-based reward and multiproduct sales quota-based reward. However, seeSundstrom (1999) argued that within organizations, reliance on action and project teams for complex tasks had become a popular strategy(cited in Pearsall, Christian and Ellis 2010, p. 183). In consequence, some companies came up with the strategies of paying team-based bonus. And some giants in certain industries have already changed their reward system. As Erez et al. (2014) find that, organizations such as Oracle and Google now rely on employees to monitor and inc...


... middle of paper ...


...Williamson and Zhou 2012). Only with adequate innovations, consumers will be attracted by their products or services. On the other hand, at the microscopic level, high contributors need to be differentiated from the majority to achieve their potentials when managers paying team reward. Skinner (2014) claimed,from a recent Fidelity Advisor Insights study, 40% of the high-performing advisory teams surveyed compensated individuals based on team success while in contrast, only 24% of other groups took this approach.
Conclusion
To sum up, this assay argues that individual and team-based bonus can complement each other. Both of them cannot be completely suitable for all the environments. As a result, managers have responsibility for adjusting their own companies’ strategies and allocating a combined reward with proper percentages of individual part and shared part.






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