Link rewards to performance

Use financial incentives to reward performance if they are appropriate to your firm. Bonus payments can be paid for individual, team or firm-level contributions, but should always be linked to your performance management process. Bonuses often only focus on “hard indicators”, such as short-term revenue, but as the Chartered Institute of Management Accountants (CIMA) says, they should also seek to reward evidence the employee is helping the organisation plan and build for the long term, and be aligned to a firm’s long-term success.

In real life: Find out why Opinium chooses to reward hard work with an equity stake in the business.