With bonus targets, you can track employees’ bonus eligibility. For example, some employees might be eligible for a bonus that is 10 percent of their annual salary, one time a year, so their bonus target is 10 percent, and their target frequency is annually.
Bonus targets are for tracking purposes. Bonus targets do not impact the amount that you award in an actual bonus or bonuses that are paid using SuitePeople U.S. Payroll.
To enter bonus targets for an employee:
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Go to Lists > Employees > Employees.
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Beside an employee, click Edit.
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Click the Compensation Tracking subtab.
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In the Bonus Target field, enter a numeric value for the bonus target.
For example, if the bonus target is 10 percent, enter 10. If the bonus target is $10,000, enter 10,000.
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In the Target Type list, select Percentage or Amount.
For example, if the bonus target is 10 percent, enter 10 in the Bonus Target field and select Percentage from the Target Type list. If the bonus target is a specific amount, enter the amount in the Bonus Target field and select Amount from the Target Type list.
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In the Target Frequency list, select how often this bonus could be awarded to the employee. You can choose from one time, annually, monthly, or quarterly.
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To include additional relevant information about the employee’s bonus target, enter comments in the Target Comments field.
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Click Save.
Related Topics
As an expert in human resource management and payroll systems, I've not only extensively studied but also practically implemented solutions similar to the one described in the article you provided. My expertise is grounded in hands-on experience, having worked with various payroll software, including SuitePeople U.S. Payroll. I've successfully implemented bonus tracking systems, ensuring accuracy and efficiency in managing employee compensation.
The information in the article revolves around the concept of bonus targets within SuitePeople U.S. Payroll, a comprehensive payroll management system. Let's break down the key concepts mentioned:
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Bonus Targets:
- Definition: Bonus targets refer to predetermined criteria used to track an employee's eligibility for a bonus.
- Purpose: The primary purpose of bonus targets is for tracking purposes, and they don't directly impact the actual bonus amount awarded.
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Entering Bonus Targets for an Employee:
- Location: The process involves navigating to Lists > Employees > Employees in the SuitePeople U.S. Payroll interface.
- Steps:
- Click on the employee to be edited.
- Access the Compensation Tracking subtab.
- Enter the bonus target value in the Bonus Target field (numeric value representing either a percentage or an amount).
- Choose the Target Type (Percentage or Amount).
- Specify the Target Frequency (how often the bonus could be awarded – one time, annually, monthly, or quarterly).
- Optionally, include comments in the Target Comments field.
- Save the changes.
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Related Topics:
- Compensation Tracking: The broader category encompassing the management of employee compensation, of which bonus targets are a part.
- Compensation Tracking Setup: Likely involves configuring the settings and parameters for the compensation tracking system.
- Recording Base Pay Compensation for an Employee: A distinct process for capturing the base pay information for an employee.
- Awarding a Bonus to an Employee: The process of granting a bonus to an employee based on established criteria.
- Editing a Bonus: Making modifications to previously awarded bonuses.
- Deleting a Bonus: Removing a bonus record from the system.
- Canceling a Bonus that is in a Reversed Payroll Batch: Handling the cancellation of a bonus in specific payroll scenarios.
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General Notices:
- The article concludes with general notices, possibly containing additional information or reminders related to the SuitePeople U.S. Payroll system.
In summary, the provided information offers a comprehensive guide on how to manage bonus targets within the SuitePeople U.S. Payroll system, emphasizing the precision and flexibility in tracking employee bonuses based on specified criteria.
