Last month, we asked business leaders how they planned to show appreciation to their workforce this holiday season, and the results showed that businesses are evenly divided on their plans to hand out cash bonuses (22.69%); give a combination of cash, days off, gift cards, and tangible gifts (23.59%); or not give out any bonuses at all (22.14%). Following these, 15.61% plan to give only gift cards, 9.8% plan to simply give tangible gifts, and 6.17% plan to just give extra days off.
According to the results, nearly 78% of businesses will show appreciation this season, which differs from what employees are expecting. According to a survey by the Austin Business Journal, 55% of respondents said they don’t expect any year-end bonuses or gifts. During the last recession, many companies had to cut typical year-end bonuses and gifts. But, with businesses experiencing a more hopeful outlook on production, employers are feeling more inclined to reward their employees this year. The gap in employee expectations and employer plans could be a great chance for organizations to reward their teams for all of their hard work and achievements.
Employee recognition is one of the most important aspects in dealing with workforce retention. Your workers need to know that their company values their commitment and loyalty. Moreover, they need to know that you appreciate what they have done this year and recognize the correlation between their hard work and your success.
Unfortunately, not every company can afford to give employee gifts this year. Though things are looking up, maybe your business is still struggling. This should not, however, be an excuse not to give your employees the recognition they deserve. If you can’t afford to give employees a day off, maybe you can let them leave an hour or two early to spend time with family. With 22.14% of companies in our survey not planning on giving any type of bonus, the simplest way to show appreciation on a tight budget is to write hand-written notes or letters explaining how much their hard work has affected the company and what their determination has meant to the team.
If you aren’t offering gifts, what are some budget-minded things you plan to do to recognize your employees’ hard work this year?
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