While a cash Christmas bonus is obviously a nice benefit, a “cash free” Christmas bonus can have a nice value too. What’s a cash free bonus? A pat on the back for a job well done, in short. In today’s economic environment, a lot of companies have had to cut back on their traditional Christmas bonuses–the cash and gifts. But it’s important for employers not to forget the benefits of properly thanking their employees for their hard work, even if they don’t have the extra cash to give bonuses in the traditional sense. This article from the One Minute Manager celebrates the benefits of “cash free bonuses” and gives businesses advice on how to make sure employees feel appreciated this year.
If you are one of the lucky workers to receive a Christmas bonus this year, you probably want to splurge and spend it on something frivolous. But in light of the ongoing recession and high unemployment rate, perhaps there are better things you could—and possibly should—do with that extra money. Take a small amount of that bonus and spend it on something fun, but follow these tips on how to make the best use of the rest.
If you don’t already have a fund saved up for the “just in case” emergencies or possibility of a lay off, start such a fund now. If you do have one, why not add a bit more to it? It never hurts to have extra cash around for those unforeseen situations that come up.
Another great idea is to pay down any debt you have. Apply your bonus to those credit card balances or student loans. Make an extra payment on your car loan or mortgage. Another great idea is to use the money to make an update to your home—building equity never hurts.
Lastly, if you aren’t in debt and can afford to share, donate a portion of your bonus to a well-deserving charity. Many people are out of work and could use the support of a charitable organization this holiday season, so a cash donation from you to one such cause could help someone else have a merrier Christmas this year.
If you’re planning to give a Christmas bonus this year but aren’t sure what the best way is to present it to your employees, you may find some good advice in this 2006 entry from the Restaurant Blog at AllBusiness. In a nutshell, you need to decide what to give, create a policy regarding who gets what and stick to it, and make the presentation of the bonus as personal as possible, in order to truly show your appreciation. Check out the article for all the nitty-gritty details.
What would you say if your boss wanted to give you a Thanksgiving Bonus instead of a Christmas Bonus? Most people probably wouldn’t complain, as it would be great to have the extra cash in-hand before Christmas instead of after. That’s exactly what one company does, according to this article from Green Building Advisor, but there are more reasons behind it besides employee convenience. In fact, they have several reasons why an end-of-the-year performance bonus may actually be more detrimental than beneficial to the company.
Are you wondering whether or not it’s worth it to attend your company Christmas party this year? It might seem like a drag to spend an evening with the people you see all day, every day, but an office party can also present a good opportunity to schmooze with the big bosses and others who have a hand in your advancement within the company. Visit the Christmas Office Party blog this week to find some useful networking tips.
According to a recent news article from an Arizona television news station, some companies in that state are offering their employees a different kind of bonus when there are no extra funds to pay a cash bonus. Instead of the usual check, employers who are members of the Arizona Trade Exchange are giving their employees “trade credits” that they can exchange for goods and services. It’s an interesting concept, but judging from the comments, not everyone is sold on the idea. Basically, each member business donates goods and services in exchange for the trade credits, which can then be spent on other member business’s goods and services. So employees can use it to do Christmas shopping or to buy themselves something they’ve been wanting, assuming a member business offers it. What do you think? Would you be happy with a bonus like this?
Do you expect to receive a bonus this year? Have you gotten one in the past few years? According to this radio clip from NPR recorded in December 2005, Christmas bonuses were already on the decline as of that time. (So maybe it’s not just the poor state of the economy and high job losses that have knocked the bonuses out of contention.) It’s a 10-minute clip, with some very interesting discussion among business experts about who gets bonuses, what bonuses they get, and why.
If you have a lot of vacation that you have to use up before the New Year begins, why not consider spending Christmas someplace other than at home? Get together with the whole extended family and turn it into a new Christmas tradition, or just go on a day trip with your spouse and kids. Either way, taking a trip adds a little extra fun and festivity to your holiday season. Need some ideas? Visit ChristmasPlaces.info for some family Christmas vacation destinations.
Think you’ve got it bad in the bonus department? That your company’s Christmas party has to be the worst one out there? If you’d like some standards for comparison, check out this article from Slate, featuring a rundown of particularly bad Christmas parties and bonus faux pas.
If you’re considering giving your employees a gift as a small token of appreciation for Christmas this year, you might be feeling a little overwhelmed in deciding what you should buy. You can buy one gift for all of your employees, perhaps engraved with a company logo, or you can choose individual gifts for each employee. Regardless of what you select, there are hundreds of options out there, and personalized gifts make great corporate gifts. Santa’s Mall has several suggestions for personalized gifts that recipients will surely appreciate.