A bonus system is a type of incentive program that rewards employees for their hard work and dedication towards achieving organizational goals. It is a way for employers to motivate their employees to perform better and increase their productivity.
Definitions
A bonus system is a program that provides employees with a monetary reward for achieving specific goals or objectives. It is a way for employers to incentivize their employees to work harder and achieve better results.
Origin
The bonus system has been in use for centuries, dating back to the early days of agriculture when farmers would reward their workers for a successful harvest. In modern times, the bonus system has become an essential part of most businesses, especially those in the corporate sector.
Meaning in different dictionaries
According to the Merriam-Webster dictionary, a bonus system is “a plan in which employees are given extra pay or other incentives for doing good work.” The Oxford English Dictionary defines it as “a system of payments or rewards given to employees in addition to their regular salary or wages.”
Associations
The bonus system is often associated with employee motivation, performance, and productivity. It is also seen as a way for employers to retain their top talent and attract new employees.
Synonyms
Some synonyms for bonus system include incentive program, reward system, and performance-based pay.
Antonyms
Some antonyms for bonus system include penalty system, punishment system, and demerit system.
The same root words
The word “bonus” comes from the Latin word “bonum,” which means good. Other words with the same root include bonanza, bonafide, and bonhomie.
Example Sentences
- The company’s bonus system incentivizes employees to work harder and achieve better results.
- The bonus system has been a key factor in retaining top talent at the company.
- The new bonus system will reward employees for meeting specific sales targets.
- The bonus system is seen as a way to motivate employees and increase productivity.
- The company’s bonus system is one of the most generous in the industry.