What does 'Bonus Management' mean?

Bonus management is designed to streamline and optimize the administration of bonuses within an organization. This feature facilitates the strategic allocation, calculation, and distribution of bonuses to employees based on predefined criteria such as performance metrics, company profitability, and individual or team achievements. With this feature, organizations can effectively plan, track, and adjust bonus structures according to their specific business objectives and financial capabilities. By leveraging bonus management feature, organizations can enhance transparency, fairness, and efficiency in bonus distribution, fostering employee motivation, engagement, and satisfaction while aligning reward systems closely with strategic business objectives.