Time and attendance systems can help employers award bonuses
A time and attendance system that offers extensive workforce management features can help managers take the right decision when awarding bonuses this year, especially since the number of employees due to receive a bonus is likely to increase by 112% this year according to a recent study.
The survey of 2,000 UK workplaces carried out by the Prepaid International Forum (PIF) revealed the aforementioned surge in the number of employees due to receive a bonus, which the researchers attributed to improving economic conditions as well as rising uptake of reward and recognition schemes by UK businesses.
The report found that ensuring staff feel rewarded for their efforts can have a higher impact than offering monetary incentives. More than a third (34%) of those surveyed said they would be very unlikely to leave a job where they are regularly shown appreciation.
Seven out of 10 (71%) respondents said they would actually turn down the chance of earning more money rather than leave a company that regularly thanks them for their efforts. An effective ‘thank you’ from bosses was found to increase productivity by as much as 44%
Alastair Graham, spokesperson for PIF, said that not all bonuses would be added to workers’ pay packets, as per tradition. “We’re seeing changes to how these bonuses are structured as employers look to increase their impact on motivation and productivity,” he said.
“The biggest development is in the growth of prepaid reward cards – through which MasterCard predicts UK business will pay out £400 million in bonuses a year by 2017. Almost three-quarters of companies (74.66%) say that they favour this method of saying thank you because it has a greater impact on staff morale and motivation, not least because they prevent bonuses simply being absorbed into meeting the costs of Christmas rather than actually going towards a treat.”
Tensor Time and Attendance Systems help employers streamline the process of awarding bonuses
Time and Attendance Systems from Tensor that handle all major hours calculation methods include a facility for making bonus payments. The WinTA system allows you to create a series of shift premium rules that enable employees to earn bonus payments under special circumstances.
The bonus is calculated either as extra hours or monetary amounts and can be included in the export to payroll. Boasting features that grant total control over your business operation, the network inserts unpaid breaks if employees do not clock them.
If you want to find out more about Tensor’s WinTA Enterprise.NET suite, our dedicated product team is ready to answer all of your questions.