The holidays are the perfect time of year to bring out a bonus or announce a reward for employees who have helped contribute to the success of your business this year. As you kick off the new year, you want to have your best team members by your side, motivated and raring to go. Here are some tips on different ways you can reward these stellar performers, as well as others who did their bit for the firm over the past year.
Employees do appreciate the extra money around the holidays, so a bonus is usually well received. Some businesses, however, have learned to be smart about how and when to give out these bonuses. Rather than giving employees the bonus before Christmas, where it is likely to get spent and pass notice amid all the holiday gift exchanges, one tip is to wait until January. This extra money becomes useful in a month when your indulgences of the holidays catch up as do your credit card bills.
Employees enjoy a gesture like chocolates or wine, and of course extra cash is always welcome. However, the former can pale in comparison to bigger gifts being given out by other companies, and cash after tax can amount to much less thus vanishing into Christmas shopping and expenses during the holidays. Instead, reward employees with gift cards from popular stores and sources where there is enough variety to excite all levels and ages of employees.
And no, this doesn’t mean you should reward employees with gag gifts or gimmicky merchandise promoting your business. Instead, give them the gift of time. Perhaps allow each employee to choose one bonus shopping day off, or allow ‘happy hours’ at work where everyone is given an hour to relax, do some online gift shopping, or indulge in some hot chocolate or festive non-alcoholic eggnog at stands you put up in the office. They will cherish this free time and more than make up for it with their efficiency and renewed energy.