‘Tis the season for sharing and showing appreciation to the people in your life, and this same sentiment applies to employers and their hard-working employees. If you really want to show your employees that you appreciate everything they’ve done for you this past year, and you want to see them continue the good work, you might want to consider rewarding them with a year-end bonus.
While debating this topic, it’s important to consider the benefits of a year-end bonus. Here are a few considerations to keep in mind:
- What is the reason for the bonus? Are you giving it out to motivate your employees to do better next year, or are you rewarding a job well done? Be clear about what you are rewarding, it’s important to ensure that your bonus will actually motivate employees to work harder.
- Will you treat the bonus as a reward or a gift? Some employees may complain about the amount you’ve given them if you treat the bonus as a reward for a job well done. By taking the gift approach, you can make your employees a little more appreciative of the gesture. But then again, by taking the reward approach, you might end up with employees who will work a little harder to ensure the possibility of another motivating incentive.
- What kind of bonus will you be giving out? There is more than just one kind, including longevity bonuses for employees who have been with the company for a number of years, non-performance bonuses for all employees and performance bonuses for your VIPs. Take a good look at your resources and decide which approach is most feasible to you.
- It might enhance employee loyalty. In tough economic times, making a little effort to give a cash bonus, or even a gift, can show your employees that they are worth the expense. You can win over their loyalty by making little gestures like a year-end gift or bonus. Employees, in general, will work harder for companies/employers whom they know appreciate them.
If resources are tight, it’s always nice to show your appreciation in some way, even if it’s a $25 gift card or an office party. But if you decide that giving out a year-end bonus to your employees is something that interests you, you can use Payza’s corporate disbursement feature to send your cash bonuses. It’s free and easy to use, and allows you to send multiple payments of different amounts to as many people as you want to reward.
Wishing you a happy and healthy holiday season from the Payza team!