How to Reward Employees This Year
The most important asset that any organization has today is its employees. Without a good set of employees, an organization will struggle to grow and prosper. Because of this, it is important that a business owner or manager find ways to reward their staff. For many companies, one of the most common ways to reward employees is by providing Christmas bonuses. However, even if the holiday is passed, there are still ways that you can reward your staff.
Give Bonus at Another Time
Even if Christmas has passed, it is never too late for bonuses to be given by a company. After you have spent time figuring out what bonuses should be provided to your team, you should notify your team what the bonuses will be and when they will be paid out. The people that work for your company will definitely appreciate the additional compensation, no matter when they are being paid out.
Give Gifts
Even if you are not able to afford to give a full cash bonus to your staff, you should definitely give gifts to your team. A gift for an employee could include giving them wine, turkey coupons & gift vouchers, gift cards to their favorite stores, or any other gift that you feel is appreciated. While it may not have the monetary value that comes with a full bonus, the thought and effort will still be appreciated by your team.
Raises
One of the issues of giving your team bonuses is that it can end up being a more significant cash flow drain that can be hard to take on all at once. However, a better option could be to offer raises to your team. The benefit of giving a raise instead of a bonus is that you will be able to spread the cost out over a longer period of time. Also, much of your team will continue to be satisfied with the increased compensation and will be more likely to continue to stay with your company in the coming years.
Holiday Party
When you are thinking of rewarding employees this year, another great option would be to throw a holiday party. During the holiday season, a holiday party can be a great way to show your team that you appreciate them. These parties do not need to be too fancy or significant but should be fun and allow your team members to find ways to socialize. While many people would prefer getting some additional money, a holiday party is often a sign of good faith and could help to build team building.
Show Appreciation
In some situations, you may not be able to offer any gift, party, or monetary compensation due to expense cuts. However, this can still be a great time of the year to show appreciation to your staff and look out for their wellbeing in any other way that you can. This can include sending out a full email to the entire company where you give thanks to your team. Also, it would be a good idea to keep your team informed when it comes to what is going on at the company. This will help to build trust and can increase employee satisfaction.