Bonus Plans – The Taking Away
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Show Notes
In this follow up episode, Dr. Kuba and Bethany discuss the other valuable aspect of having strong bonus plans – their usefulness in disciplinary action. Not only are bonuses excellent at positively motivating team members, but they can also be used to negatively motivate team members. Bonuses can (and should) be taken away when an employee is significantly underperforming or failing to meet certain deadlines or expectations. So many practice owners are limited by the small scope of options they have when trying to correct the performance of an employee. Taking a bonus away either individually or collectively gives the practice owner options for attempting to correct employee behavior.
Show hosts Bethany Petty and Dr. Reena Kuba dive into the following topics:
- Specific examples of when Dr. Kuba had to remove bonuses from individual employees as well as departments and even the entire team.
- The importance of taking away the bonus very sparingly so that the “sting” of the punishment is significant.
- The value of a diversified bonus plan so that options exist in how and what to remove from an underperforming employee.
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