What do you call an extra payment received for meeting a specific goal or target?

The term for an extra payment received for achieving a specific goal or target is known as a bonus. A bonus is typically awarded in addition to a base salary and serves as a motivational tool for employees to enhance their performance and productivity. This extra incentive is often tied to individual, team, or company performance metrics, helping to align employee goals with organizational objectives.

The other terms listed refer to different types of payment structures. Commission is generally a payment based on sales performance and is common in sales roles, while salary represents a fixed regular payment that is not tied to performance targets. Piece rate is a compensation method where employees are paid a fixed rate for each unit produced or completed, rather than being rewarded for meeting a target or goal. Thus, the context of an additional payment specifically tied to achieving certain performance milestones clearly identifies the role of a bonus in a business environment.