Profit share scheme
We decided to tie a bonus scheme which directly links to the profit of the business, you all contribute to that profit and we feel it's right that you benefit.
Bonus schemes need to be simple too, the last thing anyone wants is end of year forms, subjective assessments and intricate calculations.
That's why we thought a simple profit share scheme would fit best.
What we do is pay 5% of the total profit before tax into a bonus pool.
That pool is shared equally among staff who are in employment with us at the time of payment - usually 2 months after year end. Year end is 30th September, so November salary is expected for bonus payments.
The only apportionment is for new starters, they get X/12ths of a full bonus, to reflect the number of months they have worked for Timetastic during that year.
Bonus schemes need to be simple too, the last thing anyone wants is end of year forms, subjective assessments and intricate calculations.
That's why we thought a simple profit share scheme would fit best.
What we do is pay 5% of the total profit before tax into a bonus pool.
That pool is shared equally among staff who are in employment with us at the time of payment - usually 2 months after year end. Year end is 30th September, so November salary is expected for bonus payments.
The only apportionment is for new starters, they get X/12ths of a full bonus, to reflect the number of months they have worked for Timetastic during that year.