Pay Performance Bonuses

Name

Institution

Professor

Course

Date

Pay Performance Bonuses

Title of the organization

The name of the company is Apple Inc. Company. Apple Company is a famous global company that was began in the year 1977 by Steve Wozniak and Steve Jobs. It is involved in dealing with electronics such as iPhone and laptops. The key focus is on the outlining of a policy on pay performance bonuses (Fazey, 2020).

Policy number

The policy number is 123-456-7890.

Effective date

The effective date for the implementation of the plan into the company is on 2/10/2021. This will give the company enough time to prepare adequately on the implementation of the policy and making sure that it is efficient enough for enhanced feasibility in the company.

Next review date

The company will set up appropriate incentive types of plans at the start of each year. These will help in the review of the policy and monitoring it to understand how efficient it is and where to correct for enhanced feasibility as well as efficiency. The review will be taking place twice a year so that means that the next review will be after 6 months from the effective date of the policy.

Policy approver

The policy approved will be the level of the governance regarding the identified group as well as groups that the policy impacts which means the approver will be the departmental managers and administrators.

Name of the policy

The name regarding the given policy is the employee bonus type of policy. It will help in the distribution of bonuses to the company employees when they have done the most appropriate work and have achieved maximum efficiency according to their tasks (Boeri et al., 2013).

List the department, product and function

This type of policy is considered to be applicable to all the identified regular full time as well as the part time employees as well as the employees that have contracts that last one year or even more. The seasonal employees as well as the interns and the temporary types of employees that have a contract that is les than a year will not be eligible to the bonuses. Also this type of policy is applicable to all the departments in the company regardless of the function that each department plays in the company (Thompson, 2014). This policy may be modified at any time as well as the bonus plans without any prior notice. Solely the written premises regarding the bonuses will be regarded as being valid. The bonuses will be discretionary as well as non discretionary.

Summary of the policy structure

The Apple Company is involved in rewarding the employees for their outstanding individual associated performance along with their identified level of contributions which assist them in the achievement of the company goals. The employee bonus type of policy that will be initiated into the company is involved in the explanation of the manner in which the given company is involved in the dissemination of the bonuses to the employees. It aims at explaining the manner in which employees will be rewarded since all the employees are involved in enhancing the success of the company. It is a type of policy that helps in the clarification of the manner in which the company chooses the type of employee to reward along with the manner in which to calculate the identified bonus amounts. It also highlights the type of bonuses that the company will give the employees at different times of the calendar year (Boeri et al., 2013).

References

Boeri, T., Lucifora, C., Murphy, K. J., Bandiera, O., & Oxford University Press. (2013). Executive remuneration and employee performance-related pay: A transatlantic perspective. Oxford: Oxford University Press.

Fazey, M. (2020). Human resource policy: Connecting strategy with real-world practice.

Thompson, T. (2014). The Affordable Care Act. New York, NY: Greenhaven Publishing LLC.