Why not give your employees the gift that keeps on giving this Christmas?
Christmas – a time to give thanks
With the run up to Christmas well on its merry way, many employers will be thinking of how best to reward their loyal staff for their commitment throughout the year. Traditionally companies have leaned towards the good old Christmas bonus… but is this really the best gift that you can give?
We would argue not, and as The Institute of Leadership and Management confirms, bonuses have “no impact on the motivation and commitment levels of the vast majority of recipients”. The extra money is merely swallowed up into the monthly salary which is then used for day-to-day bills rather than being used by employees to treat themselves.
Alternative rewards for the modern workforce
There are, we believe, more creative ways to say ‘thank you’ to your staff and, if communicated well, these will be far more enduring. Benefits that ‘keep on giving’ are a great way to acknowledge the contributions of your team and, at the same time, to show that you understand the ‘life time and lifestyle’ priorities that matter to them. So perhaps you could redistribute the bonus pot, or top it up, with one or more of the following?
- Increased pension contributions
- Additional annual leave
- A cycle to work scheme
- Gym membership
- Retail discount scheme
- Life Assurance
- Health / dental care
The benefit to the employer
You might feel a bit wedded to the old bonus pot – after all, it’s been around a long time and you all know where you stand with it. But it makes perfect business sense to challenge the status quo and think about new and interesting benefit options that will lead to improved motivation, better staff retention and significant wellbeing advantages to your team. All of these things, by the way, will contribute very positively to your bottom line.
Feel free to give us a call anytime if you’d like to pick our brains about benefits.
 ILM – Beyond the Bonus: Driving Employee Performance.
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