Incentivising and rewarding staff
Many employers incentivise staff in order to reduce turnover and improve productivity. Incentivisation is not just about salary. It could include more holiday, a flexible benefits package or performance bonuses.
If you are introducing bonuses into your business, you need to make sure they are properly drafted. A poorly drafted bonus clause in a contract of employment or side agreement, could be challenged by disgruntled employees. You could end up paying more than you intended or lose your discretion when to pay bonuses.
Alternatively, it might be appropriate to put in place a share option scheme (some of which are highly tax efficient).
We can help you introduce properly thought through and implemented incentive and reward schemes in your business.