The small business holiday bonus may be just what your company needs in order to boost employee morale and add some cheer this small business holiday season.
Contrary to the rather dismal post we wrote previously in Free Enterprise about how small business owners have elected to use their limited resources to give customer gifts instead of employee bonuses, CNN is reporting that more employers are actually planning to give a holiday bonus.
CNN reports that Challenger, Gray & Christmas, Inc., an outplacement consultancy, said 64% of employers are planning to hand out holiday bonuses which is up from the 54% of employers who handed out holiday bonuses last year.
Not only are more employers giving out a holiday bonus, according to the survey, employers are planning to give out bigger bonuses this year too. The survey says that 8% of employers plan to increase the size of the bonus this year from last year's bonus amount. This is compared to the 0% of employers who planned to do so last year.
Employers plan on tying in their employees' holiday bonus based on performance. That means that the better the employee worked throughout the year, the more likely they are to receive a holiday bonus.
An important thing to keep in mind is that this survey canvassed all employers versus small business employers.
What do you do if your small business cannot afford to give out holiday bonuses? Another thing for small business owners to consider is sharing a holiday party with other small businesses in order to boost company morale.
The New York Times quotes Steve Novich, partner at Jersey Street Furniture Rental in Clifton, N.J. as saying, "No one is giving a bonus, but you still have to give your people some love. They have to know that they are wanted. You have to give back something."
The more small businesses that participate in such events, the cheaper the cost per person is. It also gives small business owners a chance to network with other small businesses.
Mr. Novich told the New York Times : "You could get together with a bunch of other law firms, dentists, doctors, and you could network and share in a different relaxed atmosphere. It helps people grow their business." Just make sure you read our post about ensuring that your small business is not open to lawsuits because of common mistakes from holiday parties.
Whatever your plan for this small business holiday season, make sure to keep reading our posts in Free Enterprise for tips on how to make it through the season smoothly.