A form of additional compensation paid to an employee or department as a reward for achieving specific goals or hitting predetermined targets. A performance bonus is compensation beyond normal wages and is typically awarded after a performance appraisal and analysis of projects completed by the employee over a specific period of time.
Not all companies offer bonus plans, and those that do often define the maximum amount that an employee can receive for exemplary performance. Companies that use an appraisal or employee review process may set a score threshold that an employee will have to meet or exceed in order to be considered. Because this bonus is given for performance above expectations, employees are not automatically entitled to it.
Performance bonuses may be given to an entire team or department if, for example, specific sales figures were met, or if the actions of that group were deemed to have been exceptional.
Investment dictionary. Academic. 2012.
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performance bonus — ➔ bonus * * * performance bonus UK US noun [C] ► HR an extra amount of money paid to an employee who has done their job well, helped increase sales or profits, etc.: »His contribution to the sales department was rewarded with a £7,000 performance … Financial and business terms
bonus — bo‧nus [ˈbəʊnəs ǁ ˈboʊ ] noun [countable] 1. HUMAN RESOURCES an extra amount of money added to an employee s wages, usually as a reward for doing difficult or good work: • The bonus is discretionary but linked to performance. • The car company is … Financial and business terms
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performance-related — perˈformance reˌlated adjective HUMAN RESOURCES performance related payments, benefit S etc are ones that increase when your work improves or becomes more productive and decrease if the opposite happens: • Workers at most gold mines will receive… … Financial and business terms
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bonus — bo•nus [[t]ˈboʊ nəs[/t]] n. pl. nus•es 1) something given or paid over and above what is due 2) bus a sum of money given in addition to regular pay, usu. for outstanding work 3) a sum of money paid by a state or federal government to a veteran… … From formal English to slang
bonus — noun 1 money added to salary, etc. ADJECTIVE ▪ big, huge, large ▪ extra, special ▪ cash ▪ annual … Collocations dictionary