I've been writing and revising my employee handbook. Here's what I'm thinking for year-end bonuses, assuming I ever make any money. Ideally I'll be able to make enough to pay my bills and be happy. The rest goes to the employees and the company. I'll let you know how it goes. For now assume two things: that the company has lots of money, and that we have lots of employees!
Also - I don't want to hear anything about how you can't make money in CRM. That's not the point of this exercise. Plenty of firms give bonuses. They might not be too generous but that's only because their business model is 30 years old.
I would appreciate any feedback or comments.
The DIGTECH Proposed Bonus Structure
We at DIGTECH think about bonuses as more of a reward than a right. Bonuses will be paid annually on November 1st and will be based on company profits for the calendar year ending September 30. Ideally, the bonuses will be handed out at a company party in November. This is in lieu of a “holiday” party held at other companies. We have no wish to slight people’s religions or faiths so we choose to have a company party in November. That way employees can spend their bonuses on holiday presents if they choose or they can do something else with it. It’s your choice.
Bonuses will be based on a 1,000 point system. Earning 1,000 points means that you’ll get 100% of the available bonus. This bonus is open to employees that have worked for DIGTECH for one day or ten years. It doesn’t matter. We feel that all employees should have the opportunity to earn a bonus based on hard work, dedication, and love of archaeology.
The 1,000 points can be earned in a number of ways but is mostly based on performance and self-education. A general breakdown of the points available is detailed in the list below.
Annual Attendance (based on 2080 hrs/year).....................250
Contribute to Company Education and Social Media.........250
Educational Activities (Be creative!)........................................250
Performance Evaluation. For employees that have at least 1,040 hours by the time evaluations are performed (that’s half a year of employment) they will get a performance evaluation by the senior Principal Investigator or the company President. During this evaluation, observations from the employee’s peers will be taken into consideration and the employee’s work performance and efficiency will be evaluated. Also under consideration will be the employee’s contributions to the success of the company, contributions and ideas for the company’s education program, and contributions to social media projects. The reviewer will determine the amount of points awarded.
Annual Attendance. Calculated by multiplying 40 hours per week by 52 weeks per year, there are a minimum of 2,080 hours available to work throughout the year. Employees that work at least half of the year (1,040 hours) and are still employed at the time of evaluations will be eligible for the 250 points evaluation bonus.
Temporary employees are eligible for bonuses and for a portion of the attendance bonus via this policy. The attendance bonus will be calculated based on the total number of hours worked. For example, if an employee only works one 8-day session they will have accrued 80 hours. That 80 hours represents 3.85% of the year. That would result in 9.65 points. If the employee received 250 points in both the “Contribute” and “Education” categories they would have a total of 509.65 points. If there were, hypothetically, $1000 dollars available for a bonus then the employee would receive $509.65 at the end of the year, even if they only worked one session back in January. Read that again. It’s true.
Contribute to Company Education and Social Media. This category refers to anything stamped with the DIGTECH logo. DIGTECH publishes and produces a blog, a podcast, and a video series. The points awarded as a result of contributions to these projects will be at the discretion of the senior management. Teaching educational topics and providing training on relevant subjects to DIGTECH employees will also be considered.
Educational Activities. This is where you really have the freedom to do whatever you want to improve yourself. Activities include conference presentations, personal archaeology blog contributions, book and paper reviews, published papers, published books, participation in the Day of Archaeology project and any number of activities. Employees should document their activities for evaluation by the senior staff at the performance evaluation. Points will be awarded at that time.
Points and Bonus Money. Points to not roll over past October 31st. Every employee resets to zero points on November 1st. Bonuses will not be paid out prior to November 1st. Unclaimed bonus money (not everyone will earn 1,000 points) will be placed in a fund for employee health and welfare programs to be used at the discretion of the senior staff.
Again, this is a best case scenario for a bonus structure. I've blogged about this before but it was unformed and hypothetical. Now, it is going in to the official employee handbook. Feedback is appreciated.
Thanks for reading and I'll see you in the field!