It has been well-established that making your employees feel appreciated can go a long way towards maintaining their loyalty and even towards increasing productivity. This time of year, one of the most popular ways of doing just that is by awarding holiday bonuses. If you are choosing to award a bonus this year, you are not alone.
According to according to the 2016 Holiday Bonus and Hiring Survey by Accounting Principals, 75% of HR and hiring managers reported that they plan to award bonuses this year, up from 67% in 2015. And that percentage isn’t the only change this year - the average planned individual award is also higher, up from $858 in 2015 to $1051.
For those who reported no plans to award holiday bonuses to their employees this year, one reason for not doing so is because they award bonuses at another time during the year. Other companies reported that they made charitable contributions in lieu of bonuses, and still others said that their company was not in sufficient financial shape to award bonuses this year.
If you have chosen not to award bonuses this year, there are other ways that you can reward your employees this season. Giving non-monetary bonuses was the most popular response among those who said that they do not plan to give their employees a financial gift this year. One of the most popular non-monetary gifts is extra paid time off, which is always appreciated over the holidays.
Even if you are not able or inclined to provide your staff with financial bonuses, there are other options in addition to paid time off. You can cater a holiday party, buy small gifts, or even have a potluck to encourage your employees to relax and spend some time enjoying one another’s company. Just keep in mind that your workforce needs your support and appreciation, especially during the stress of the holidays. Keep them in mind this season, and you are likely to see that investment pay off.