For years, the Christmas bonus was seen as a way for employers to reward their employees for their hard work throughout the year. In recent times, most probably due to the dip in the economy, the percentage of employers rewarding their employees in this way has dropped considerably. Recently, an employee rewards company, One4all, found that only 7% of employees now receive a Christmas bonus. They also found that around 68% of employees feel that they had been more loyal to employers who regularly showed appreciation for them.
So with this in mind, is it time to bring back the Christmas bonus for all employees?
Ask Your Staff
Your employees really are the fountain of all knowledge when it comes to what they want. Don’t just try to assume what you think will be best for them, ask them and you may find something out that you didn’t know. If you are going to offer benefits to your employees, remember that they will work best alongside good working conditions, excellent management and suitable pay. Don’t just assume that giving your employees a bonus once a year is a green light for treating them poorly for the rest of it.
Once you have discussed the options with your staff members, you will be able to come to a decision about how best to reward them for their efforts throughout the year. Try keeping them updated about your progress in making this decision and you will undoubtedly see an improvement in their performance, even before they have received their bonus.
What Should the Bonus Be?
Remember, the bonus you are rewarding your employees with does not need to necessarily be cash. In most cases, if you offer a cash reward just before Christmas it will likely be spent on bills, everyday essentials or even presents for the people; anything but the person that it was intended for.
Choosing to offer your employees a store gift card, an item of electronics or small holiday will mean that they will be rewarded themselves and will benefit from the hard work they have put in throughout the year.
The Benefits of a Christmas Reward Scheme
There are numerous benefits to employees and employers who take part in a Christmas bonus scheme. These include:
- A better understanding for employees of how they work benefits the company
- Employees who feel appreciated often be more productive and work more effectively
- The added value that a bonus has within an employment contract
- The overall improvement in staff morale
Is a Bonus for Life, Not Just For Christmas?
Although a Christmas bonus is an excellent idea which will improve productivity, efficiency and morale, is it something that should be carried out all year round? The risk of only providing the benefit at Christmas is that many employees may wait until that period to start working hard or get noticed; it may demotivate them rather than encourage them.
This is not to say that you need to give a trophy bonuses each month to staff who work hard. Maybe the best course of action would be to offer a different kind of reward your staff. Recognising their hard work every month and offering other incentives they ensure that all of your employees are happy and hard-working all year round.