The end of the year can be a challenging time, for the company and the employees. The work doesn’t stop, but many employees are already dreaming and planning their New Year celebration and vacation days. So, it’s natural for them to be more relaxed than usual and enjoy their time as they reminiscence on all the achievements of that year.
If you want to reward your employees for their hard work, and further motivate them to continue their good job, this is the perfect time to do it. Read on to see how you can reward your employees at the end of the year.
End of the Year Bonus:
The easiest way to reward your employees and boost their motivation is to give them an end of the year bonus. A cash incentive is a fast way to boost the morale of your employees. It is also a great financial help for them for this period, as many people spend a lot of money buying gifts and going on vacation. At any end of the year package you offer at your company, a bonus is a great addition.
If you have a large company with many different levels of employee skills, consider dividing the amount given by brackets, or by seniority level. More senior employees get a higher bonus and so on.
Split the Bonus:
If you want to further make your employees happy, split the paycheck bonus into two parts. One part is given before the New Year that your employees will probably use on gifts and celebration. The second part is given out with the January paycheck, as an after New Year bonus that will lift everyone’s spirits after days of spending money on many events, gifts, clothes, etc. This two-part bonus will create a positive atmosphere in the workspace, and help your colleagues come together.
There is not much that an employee appreciates more than a free day. To reward your employees for a good year’s job, you can give them a day off, fully or half-paid. They will appreciate having more time to spend with their family and friends and will come back to work energized and ready to take on new tasks.
If you feel not every employee deserves an additional free day, you can incentivize them, that if they work hard and produce results, they will get an additional free day. The reward for performance is even encouraged at the end of the years, since everyone is working slower, waiting for celebrations and free days.
Rewards for Performance:
Even if this type of work can be difficult for employees since they can fall into competitive mode, this time of year is good for this kind of work principle, also to get rewards. Employees are more prone to slacking off and daydreaming about festivities, instead of continuing their work like the rest of the year.
Incentivizing your employees to do their best for the next few months and rewarding them will help your company as a whole. A reward can range from free days, bonuses, trips, etc. Make sure you don’t use this method often, as it can slow down the natural process of success and learning.
This may be a bit difficult for a larger company, but if you are a small business owner or have a smaller team or employers, you can give them personalized gifts. Here you will need to know your employees so you could choose a gift for them.
Christmas gift ideas are easy to find if you know what your employees like. Gift vouchers are a good present, but they are mostly distant, and the employee doesn’t feel especially valid. Try to get to know your employees and their interests to get them the best gifs possible.
Christmas or New Year Lunch:
Taking your employees out to lunch or dinner is always a great opportunity to connect and create a stronger bond in the collective. Lunches and dinners are also less formal, and better for the company budget comparing to a New Year party.
A Christmas or New Year extended lunch will boost your employees’ want for the company and will help them relax a bit before the year ends. A smaller get-together like this one will also make it easier to recap the previous year, ups and downs, and even plans for the next year.
Rewarding your employees at the end of the year will help them boost their morale and confidence in the company. If you get the presents right, you will be also rewarded with happier and hard-working employees. Remember to thank all of your employees for their hard work that year – or you can even make a presentation where you highlight this year’s events and milestones. Always give the presents face to face as it feels more personal.