The Results Are In: Most Companies Will Give Cash Bonuses to Show Appreciation

Businessman Shaking Another Businessman's Hand on a Podium During a Presentation in Front of an Applauding AudienceIn November, we asked readers how they planned to show appreciation to their employees this holiday season. According to the results, “cash bonuses” is the top choice with 26% of the votes. Only 8% of respondents said they would not distribute any kind of bonus/gift to their employees this year.

The rest of the results are as follows:

  • A combination of all options listed – 19%
  • Gift cards for restaurants, gas, etc. – 16%
  • Tangible gift items (items other than money or gift cards) – 13%
  • Extra days off – 7%

Nearly 10% of respondents chose the “other” option and submitted their own ideas for how they will show appreciation this year, including:

  • Holiday party with spouses
  • Catered holiday luncheon
  • Party, trophies, and plaques
  • Random acts of kindness

In a related poll, Movin’ On Up, Express Employment Professionals’ blog for job seekers and people early in their careers, asked how employees wished their companies showed appreciation. The top three responses were:

  • Cash (or equivalent)
  • Fridays off
  • Employee training/advancement opportunities

Check out the full results of the Movin’ On Up poll.

A little “thanks” goes a long way
Appreciation is a powerful tool. A study by Westminster College found, contrary to what most employers think, workers largely prefer recognition for their hard work over monetary rewards. In fact, 31% of companies with strong recognition programs report lower voluntary turnover, according to the results of a Bersin & Associates study.

So, taking the time to ensure your employees know they are appreciated is an important part of building an engaged workforce. Check out these past Refresh Leadership articles for some great insight into the power of “thanks.”

How will you show appreciation to your employees this year? Let us know in the comments section below.

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