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Examining Bonus Strategies

Learn bonus strategies that will energize employees, enhance team performance, and increase productivity. Bonuses are either the best thing that happened or a nightmare. Join Josh Patrick as he helps you understand what the differences between the two are. We’ll cover general companywide bonuses, stay bonuses and sales commissions as part of a compensation and retention strategy that you’ll be able to use in your company. Too often business owners start bonus programs and use the pennies from heaven system where employees get a cash reward, but they have no idea why or what they’ve done to earn them. Learn why this doesn’t work and what you can do to fix this problem in your company. You will learn the only bonus program that really works and Josh should know. He’s implemented more than 50 different bonus strategies in companies he’s owned and there’s only one that has produced top results when it comes to employee motivation and involvement.


Runtime: 58 minutes
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why a Bonus?

  • Employee Retention
  • Employee Motivation
  • The Way We Pay Around Here
  • Everyone on the Same Page

Individual vs. Group Bonus

Types of Bonuses

  • Compensation Based Bonus
  • Sales Based Bonus
  • Stay Bonus

Do Bonus Programs Motivate?

Bonuses That Fail

  • Employee of the Month
  • Pennies From Heaven

Open Book Management

  • The Basis for a Good Bonus Program

– What It Is

  • Payroll

– What Not to Itemize

Sales Commissions and Bonuses

  • Why Do Salespeople Get Them?
  • No Sale Is Made by One Person
  • What About Those Who Don't Get a Bonus?
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on July 14, 2017.

Call 1-866-352-9540 for further credit information.

  • AL CPE
     
  • This course is acceptable for 1.0 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
  • This program is applicable for CPE credit. *The Georgia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
  • This program is applicable for self study CPE credit. *The Indiana State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • KY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Kentucky State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Massachusetts State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MD CPE
     
  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
  • This Ondemand program is applicable for CPE credit. *The North Dakota State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NH CPE
     
  • This Ondemand program is applicable for CPE credit. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 1.2
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 1.2 hours of continuing professional education.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

Audio & Reference Manual

No credit available.

MP3 Download

No credit available.

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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Josh Patrick

Josh Patrick

Stage 2 Planning Partners

  • Advisor at Stage 2 Planning Partners
  • Owned and operated a vending and food service company where he built the company from $75,000 and 1.5 employees to a company with $6,000,000 in sales and employed 90 employees
  • President of the New York State Vending Association for four years
  • Education Chairman of the National Vending Association for eight years where he designed and taught vending bootcamps on financial controls and people management
  • Blogger for You’re the Boss on the New York Times website for three years
  • Has written for Forbes.com, The Huffington Post, Open by American Express
  • Wrote the upcoming book Magnificent Mistakes
  • Certified Financial Planner, Chartered Life Underwriter, Chartered Financial Consultant, SCRUM Master and Certified Financial Transitionist
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 396630
Published 2017
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Available in Multiple Formats

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