Business owners can show thanks to employees during the holiday seasonDecember 2015 / Share
For small business owners, the holiday season is a perfect time to show your employees how much you appreciate their hard work. While the season is hectic for everyone, making the effort to acknowledge workers who have done so much to help a company grow is worthwhile. This type of thanks can be given in a wide variety of ways, but some sort of effort is necessary. Not only will your employees appreciate the sentiment, they will likely reciprocate the goodwill by continuing to work hard for your company.
Forbes contributor Joseph Folkman stated that business leaders who are best at appreciating workers also receive the best engagement from those workers. If people feel their hard work and sweat are being recognized, then they're going to continue working hard.
Figuring out the right way to show thanks is complicated. Different workers may respond to thanks in unique ways. As an owner, you should know your employees well enough to best understand what approach to take.
Only 31 percent of bosses give their employees gifts , Business News Daily reports. However the impact of doing so can be great. If you don't have any good ideas on how to thank your employees this holiday season, look over some suggestions for ways to show how much you value their help:
It is fun to think of creative gifts that are outside the ordinary. However there is a risk in that approach. Sometimes unique presents don't go over well on people, and they end up sticking the personalized bathrobe you got them in the back of their closet, never to be seen again.
The safer route is to give items that everyone wants and needs. The approach to giving gifts can almost be a form of bribery. The Washington Post wrote that the Department of Housing and Urban Development shot up the list of best places to work within the federal government because officials there gave out things such as free lunch, paid time off days and Starbucks gift cards to employees who filled out surveys. By rewarding people with what they really want - such as food, vacation time and coffee - business can see a boost in results.
A party for all
Instead of wrapping presents and distributing gifts to each worker, the approach many take is throwing a holiday party for employees and their loved ones. Spend money on nice food and drinks to have a fun evening with co-workers. Play a game or do something to take your mind off of work.
A party can also be a good way to interact with your employees on a personal level, or to get to know their families. By showing that connection to them outside of the workplace, you are expressing thanks in a way that may really resonate.
Gifts are nice and a party is fun, but nobody will turn down a holiday bonus in the form of extra money. While this is boring and standard, it can also mean a lot to people.
The trick with a financial bonus is figuring out how to allocate the money. The National Federation of Independent Business stated that it is best practice to give top performers larger raises than others. While this may upset some people, it is showing the greatest thanks to those who worked the hardest. Others disagree, stating that everyone should get the same amount, regardless of how well they performed over the course of the year.
As the company owner, you will have to best decide the optimal route to take when handing out bonus money.
Vectra Bank values the opportunity to help provide small business owners with a variety of helpful ideas.
The information provided is presented for general informational purposes only and does not constitute tax, legal, business or investment advice.