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If you’re a business owner that is handing out holiday bonuses for the first time, or if you’re just not sure how it should be done, it can be confusing. Here is a general guideline to keep in mind as you go about the process:
1. Establish the type of bonus. Holiday bonuses (or gifts) are different from year-end bonuses. The latter are based upon performance, measured against specific bonus-triggering standards. The former are typically given from the heart by the business owner. If you are truly giving out holiday gifts, either of cash or something else, make sure everyone knows that’s what it is. Don’t call a year-end, performance-based bonus anything but that: a performance bonus. Different rules govern these two types of recognitions.
2. Everyone gets a gift or bonus. If you are doing holiday gifts or bonuses, make sure every employee gets one.
3. Gifts don’t have to be equal, but should be consistent. Giving everyone the same gift, from managers on down, is the easiest course to choose. If you must give tiered gifts, make sure the tiers are clearly delineated: one type for management, another for staff. No favoritism based on any other criteria. Word will get around.
4. You have options besides monetary gifts. If you can’t afford a monetary or alternative type holiday gift, you can always offer employees a day or two off around the holidays to recognize their efforts during the year. This can also become your holiday recognition, if you want to change things up or don’t have a regular holiday bonus plan. Many employees appreciate paid time off in lieu of other types of holiday recognition.
To learn more about us and / or to schedule your appointment with the business experts at Corporate Business Solutions, call us today at 877-357-9366.
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