As with all things in your field there is both an art and a science approach to such challenges. I assume you already used the “science” approach to the project by consulting with professional organizations/materials and conferring with your peers in the field.

In my view, the “artful” approach to your situation is the process you use to create your program. Bonus programs, like many other management projects (e.g. performance management systems, pay systems, recognition programs), are usually most effective when they are developed to fit the culture of your organization by the people most affected by such program. Start by finding out from your executive management what they want to reward in your organization. Some organizations reward the efforts of the team, others reward cost savings or revenue generation, others reward ingenuity and risk taking. Make sure you are clear on what behavior you are trying to reward. I would also find out what parameters/limitations you face with this project.

Once you know the goals, gather together some of the people that will grant bonuses and some that could be a recipient of a bonus. I think you will find that involving those stakeholders will make your job easier. They can help you identify concrete criteria that fit the work they do and the culture of your organization. They can also help you communicate the program and they will have buy-in to its success. My only hint is to make sure they know, from the beginning, the parameters and who makes the final decision.

Who knows, if you can effectively use the “best and the brightest” in your organization to help you with this program, you may move from being bonused out to being bonused yourself.