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KPIs and Bonuses
I’ve finally got round to setting up a series of bonuses for the software developers working with me. I’ve been meaning to do this for a while, but I didn’t have the means to make it work objectively and I didn’t want it to be subject to my being in a good or bad mood.
So now, every month we measure a number of factors in the developer’s daily routine. These factors are then collated at the end of the month and reduced to a score out of 10. If you get 7 or higher then you get a bonus for the month.
I asked the team how much a meal for two costs at a decent local restaurant where they live. They all responded with $30-$40. So I set the bonus at $50. I think that’s a pretty good reward for helping me and my clients out.
Take action: Find out what’s important to your business and reward your staff for achieving it. Not annually, but monthly, as that way it stays front of mind.