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Unique Ideas for Employee Holiday Bonuses

Posted on in Business Law

Arlington Heights business law attorneyAs a business owner, you might want to show your employees how much you appreciate their hard work with a special bonus. Of course, as much as you would like to shower your employees with cash rewards during the holidays, most businesses cannot afford expensive holiday bonuses. Many startups do not post a profit until the third year they are in business, and even established businesses can find themselves short on holiday funds. A 2017 Bank of America survey found that about 35% of small businesses give employees a cash bonus during the winter holidays. Nearly a quarter of businesses surveyed said they planned to give their employees no holiday bonus at all. If you are trying to think of a way to motivate and reward your employees this holiday season, consider some alternative holiday bonus ideas.

Studies Show Cash Is Not Always the Best Gift

You may be surprised to learn that giving employees a cash bonus does not necessarily result in improved employee morale or performance. Studies show that non-monetary rewards often have a greater positive influence on employee satisfaction. Some business owners give their employees extra days off during the holiday season instead of cash bonuses. Others close their businesses entirely on major holidays like Christmas and New Year’s Day. Businesses like retail stores that cannot afford to close their doors may find that personalized gifts may be a more feasible representation of gratitude to employees. Considering employees’ families in holiday perks-related decisions is another way to help employees feel valued.

Sincere Praise May be the Best Gift of All

Simply praising your employees for their hard work may be one of the best holiday gifts that you could give. Research regarding employee productivity and happiness has consistently shown that employees who are praised for a job well done work harder and enjoy their work more than those who receive no recognition. Including a personalized message with your holiday bonus or other perk can help show employees that they matter to you not just as employees but as individuals. Alternatively, a public display of gratitude in the form of an awards ceremony or dinner can be a great way to recognize and reward employees.

Call Our Experienced Arlington Heights Business Law Attorneys for Guidance

If you are a business owner and have employment-related concerns, our experienced Lombard business law attorneys are ready to help. We help business leaders navigate employee policies, non-compete agreements, non-disclosure agreements, contract preparation and review, business consulting, and more. Call 847-749-4182 to schedule a confidential consultation at A. Traub & Associates today.

 

Sources:

https://www.entrepreneur.com/article/225015

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

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