Although the workplace bonus performed a disappearing act in many companies during recent tough economic years, it’s making a comeback. While caution may still be required with your workplace bonuses until profits return to normal, you may be eager to reward employees for their loyalty and productivity during these uncertain times.
Bonuses can be effective means of showing appreciation for employee efforts and for enhancing worker loyalty to a company. Unfortunately, many employers aren’t using their reward systems in the best possible manner. When employers offer the predictable holiday bonus at the same time each year, their employees come to expect this gesture, which takes the excitement and purpose out of it. The following are a few tips for spicing up this year’s bonuses to effectively show your appreciation for employees and enhance their corporate loyalty.
Change It Up
While predictability is essential for many workplace processes, it has no place with the employee bonus. By offering the same bonus at the same time every year, this gesture will no longer be fully appreciated but rather, will be expected. The general idea of offering workplace rewards is to show recognition for a job well done and to add additional value for employees apart from their weekly paychecks.
This year, coordinate your workplace bonuses after your busiest time of year or after employees have successfully completed a tough team project. This will link the bonus to workplace productivity and will be more likely to enhance worker loyalty moving forward. Another option is to give smaller bonuses such as paid days off to top workplace performers, encouraging each employee to always put forth their best efforts.
Give Before the Holidays
Sure, the holidays are a time of giving and appreciation. However, the holidays are also a time of financial strain for many workers. Rather than giving employees a bonus after their credit cards are maxed with the strain of holiday expenses, surprise them with the bonus before the holidays begin. This will offer a little more cushion before the rush of gift buying and is a gesture that’ll standout more when giving apart from the other holiday gifts employees will receive. Late summer or early fall are ideal times for pre-holiday giving.
Ask for Input
You can’t possibly know whether employees prefer cash or another incentive unless you ask. Send a short survey asking for feedback on how employees would prefer to be rewarded for a job well done or simply send out an informal email asking for feedback. This gesture alone can impress workers, showing you’re interested in rewarding them with more than weekly pay and wanting to do so in the manner that they prefer.
Workplace bonuses should be used to recognize productive employees, increase employee loyalty and show the value of working for your company. By asking for input from employees regarding possible bonuses and giving rewards at unexpected times, you’ll use bonuses more effectively and make the most from this gesture.