Share Your Experience

five star review
X
Blog
Lombard Office
630-426-0196
Chicago South Loop
312-528-3290

Alternatives to Cash Holiday Bonuses for Your Employees

Posted on in Business Law

Illinois business law attorneyWith the winter holidays fast approaching, many business owners have started thinking about gifts for their employees. If you were to ask your team what they wanted from you as a holiday bonus, most of them would probably say cash. Unfortunately, not every business owner is in a financial position to offer cash bonuses—especially those running newer businesses or non-profits. As it turns out, studies suggest that cash rewards often do very little to improve worker morale and performance. Non-monetary gifts seem to have a larger and long-lasting impact on employee satisfaction.

If you are struggling with ideas on how to show your employees you appreciate them but you cannot afford lavish gifts, you may want to consider:

  • Closing on slow days around the holidays: If you run a retail business, you probably cannot afford to be closed in the days leading up to Christmas. In other industries, however, closing for a day or two could be a good way to allow your team to rest and relax without worrying about vacation time. Christmas Eve and New Year’s Eve are often viable options, with some business even shutting down for the entire last week of December;
  • Giving extra paid time off: Even if you do not close, you could probably find ways to allow your employees to take an extra day or two off. During the holiday season, even an extra half-day off could be helpful in finishing shopping and preparing for guests;
  • Finding tangible gifts: One of the appeals to giving cash is that it is one-size-fits-all, but other gifts may also have fairly wide appeal. Wellness items like activity trackers or a gym bag could be appropriate, and items such as inexpensive personalized coffee mugs could show that you appreciate your team;
  • Work-related ideas: Some business owners use the holidays as a good time to encourage personal and professional development. You could give your employees the chance to attend an industry-related seminar, listen to a speaker, or even take a training course that may help them achieve their long-term career goals; and
  • Remembering the family: It is easy to think of your employees as individuals, but many business owners tend to forget their workers’ families. You may think about giving rewards that include spouses, children, and other family members such as movie passes, event tickets, or gift baskets sent to the home.

Of course, any holiday gift or bonus will lose much of its impact if you do not remember to express your gratitude and appreciation directly to your team. They have helped you get where you are and deserve recognition for their efforts.

Call Us for Guidance

If you are a business owner with employment-related concerns, contact one of our experienced Arlington Heights business law attorneys. Call 847-749-4182 for a confidential consultation at A. Traub & Associates today. We will meet with you to discuss your situation and help you make the best decisions for yourself and your staff.

 

Sources:

https://www.forbes.com/sites/glentullman/2013/12/23/traditional-cash-bonuses-dont-really-work-try-one-of-these-5-instead

https://www.business2community.com/human-resources/5-great-alternatives-to-the-traditional-holiday-bonus-0351388#RGWlH7dPhWywtGLx.97

http://switchandshift.com/5-alternatives-to-cash-bonuses-that-will-show-you-care

Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
Back to Top