Common Types of Bonuses & How They Function Introduction: The Importance of Bonuses Did you know that offering bonuses is a powerful way to motivate and reward employees? In today’s competitive job market, attracting and retaining top talent is crucial for the success of any organization. Bonuses provide an extra incentive for employees to perform at their best and contribute to the overall growth and profitability of the company. 1. Performance-Based Bonuses Performance-based bonuses are directly tied to an employee’s individual or team performance. These bonuses are often used to reward exceptional achievements, meeting or exceeding specific goals, or contributing to the overall success of a project. They serve as…