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Five Alternatives to a Holiday Bonus

bonus alternatives

While employee appreciation might not be top of mind for you during a busy year-end season, lack of recognition continues to be one of the top reasons why employees quit.

According to a recent survey by Challenger, Gray & Christmas, twice the amount of companies in the U.S. will be offering holiday bonuses compared to 2020. But what if a monetary bonus isn’t in the cards for you? Here are five alternatives to consider.

Gift Cards to a Local Business

The Hawaii business community has been greatly impacted by the pandemic, so when choosing to get your employee’s gift cards this year, consider supporting local business partners, vendors, or neighboring businesses with your purchase. Gift cards don’t need to be for significant amounts when times are tough, but rather it is the intention and thought behind the card that matters most. Be sure to include this sentiment and gratitude for your team along with the card.

A Delicious Snack 

Who doesn’t love receiving food as a thank you? Whether it’s coffee and malasadas for breakfast, pizza or bento lunch, or some cookie treats, providing or sending food is a great way to not only show appreciation to your employees but also contribute to the local food service industry.

The Gift of Time

Extra time off after a tumultuous year can make a world of difference to a stressed-out employee. You could consider granting your staff an extra PTO day or implementing rotating half-day-Fridays in January. Getting time off that you didn’t expect feels like the adult version of playing hooky and makes the extra time that much sweeter.

Related: Ask HR: “How Can Businesses Manage PTO Policies During COVID-19?”

A Heartfelt Message of Appreciation

Make some time during the day to let your employees know how much you appreciate their commitment and how they’ve contributed to the company this year. You could say it with a card, in person, or give a speech during your next staff meeting. It’s free and simple but has the power to validate their hard work.

Ask Your Employees What They Want

Ultimately, there’s no one-size-fits-all solution, and your employees will know best what they could use to feel most appreciated. Some might get the best use out of a gift card to a restaurant they’ve been meaning to try, while others could most benefit from some extra time off. Consider checking with your staff to let them pick if the size of your team allows for some personalization.

Have a question for one of our HR experts? To learn more about this issue or to schedule a free consultation on the advantages of human resources outsourcing, contact simplicityHR.

This article is for informational purposes only and does not constitute legal advice. Readers should first consult their attorney, accountant or adviser before acting upon any information in this article.

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