It’s that time of year again when companies are getting in the holiday spirit by doling out bonuses, throwing company-wide parties and giving gifts. In a recent article from the SCORE Association, acting chief executive officer Bridget Weston suggests six ways business owners and leaders can show extra appreciation for their employees this holiday season.
It’s always appreciated by employees, so you can never go wrong. However, monetary gifts should be handed out discreetly, perhaps folded into a greeting card. And it’s important to consider giving an equal amount to every employee.
2. Physical gift
It should be an item suitable for every employee, regardless of gender or age. Weston suggests noise-canceling earphones for those who work in an open-concept office or new personalized aprons for those who work in retail.
3. Charitable donation
Instead of gift-giving internally, donate to a local cause or organization or one that aligns with your company’s mission. “Share the decision with your employees, and offer them a chance to learn more about the organization you’re supporting,” says Weston.
A profit-sharing plan allows companies to reward employees at year’s end without paying out-of-pocket if revenue dips.
5. Year-end bonus
Quarterly or yearly bonuses can be a good way to reward those employees who have met certain goals, but Weston says companies should document a bonus policy in advance “to determine who gets a bonus and under what circumstances.”
Taking a class or learning a new skill may be the most valuable gift for some employees. This could mean paying for conference registration or launching an education-stipend program. These opportunities should be focused on advancing employees’ skills or learning about adjacent roles in the company.