The holiday bonus as we know it is fading fast. As our nation’s economy continues to stumble into uncertain times, many small business owners are finding that they can’t afford to lavish their employees with the cash rewards they once could. When the numbers are down, the luxuries are the first to go.
Holiday bonuses, however, are a great way to show your thanks and appreciation to a hard-working and deserving staff. Eliminating them altogether may cause employees to feel underappreciated and resentful. So if you’re a small business owner who wants to show your appreciation but can’t afford to fork over large sums of money, then you may need to get creative.
More and more businesses are shifting their bonus structures toward performance-based pay. With a pay-for-performance structure, the money that an employee receives is tied to meeting certain goals and objectives, which are typically tied to meeting company-wide goals and objectives. Paying for performance gives employees the chance to still receive a bonus. The only catch is that they have to earn it. It also increases productivity and makes employees more accountable, which makes employers much more willing to give.
If monetary compensation of any kind is simply out of the questions this year, then perhaps you could try rewarding your employees with a cool, relatively inexpensive experience. Consider taking them to a concert or theater production or on a ride around town in a limo. Maybe they’d enjoy a gourmet meal at a nice restaurant. Look for any gesture that your employees will appreciate, and you won’t have to sacrifice nearly as much money for.
If money is simply too tight for you to be able to spend even a single dime on your employees, which will be the case for many small businesses this year, then there is still another option-time off. Time away from work to enjoy with family and friends is something that every employee wants and needs. They will appreciate the extra days to relax after all of the hard work they put in this year. Plus it won’t touch your budget, something that all employers will continue to watch very closely.
