Reward Your Staff Without Breaking The Bank
4 Minute read
Yes, it’s possible to hand out rewards at Christmas with something they want and without bankrupting the business.
Whether every member of your staff observes Christmas or not, the end of the calendar year is always a significant milestone. The holidays are an ideal time to give your employees your thanks and show appreciation for their efforts over the past 12 months, bringing the year to an end on a positive note.
Unfortunately, a number of business owners sometimes find themselves in an awkward position whenever Christmas rolls around: you want to reward your employees for all their good work, but the money just isn’t there for something lavish. Don’t let this put you off. Here are five cost-effective tips on what you can do to make the cold, dark days of the season a little bit brighter for your hardworking staff.
Believe it or not, Christmas parties aren’t unanimously popular. 54% of employees reportedly don’t look forward to them. This partly depends on the demographics of your team, with 16 to 34-year-olds being far more enthusiastic about office festivities. So if your staff are generally older, it might be a smart move to consider other party-alternative: a team-based competition such as bowling, dance lessons, or a few drinks at the nearest pub are all popular, and cheaper, substitutes.
A poll conducted by Maritz Research found that employees who are recognised for their contributions were 5 times more likely to feel valued, and 7 times more likely to stay with the company. However, only 58% of workers seldom, if ever, receive a “thank you” from their boss for their efforts. Obviously, saying thanks for a job well done is important, yet undervalued by many.
Offering your employees some extra time off is an inexpensive way to show your appreciation. Schedule them so that company productivity is affected as little as possible. This is the kind of reward which will particularly appeal to team members with families, letting them to spend additional time with loved ones.
Involve Your Staff
Another way to successfully plan and hold a Christmas event without the necessary budget is to seek your staff’s help. According to research by MetLife UK, 71% of respondents would rather receive the money spent on a Christmas party than actually have that party. You can combat this dissatisfaction by using your employees’ skills, interests, and perhaps a small financial contribution to create an event they will truly enjoy.
Thinking how you time rewards is worthwhile too—both in terms of costs and how it affects your team’s morale and well-being. Having smaller events and staging them in November—outside of the peak Christmas season—can prove to be a cost-effective move. Also, giving your team a reward at the beginning of the New Year can help maintain a positive atmosphere in the workplace and avoid the usual post-Christmas slump.
Whether you like it or not, Christmas is well and truly on the horizon—in fact, it’s only ten weeks away. Christmas is the time of giving and based on years of experience handling remote teams for Deployed, I would strongly advise never to underestimate the feelings of an employee this time of year. Even more so if the company has been experiencing a series of pay freezes or cutbacks—a small gesture can restore an employee’s feeling of self-worth and ensure that they leave for their Christmas break with a positive feeling and return in the New Year with an optimistic outlook.
Here at Deployed, we help business owners from around the world find and retain the best remote talents for their offshore operations. If you’d like to find out more about how an engaged, motivated and inspired remote team can grow your business, feel free to arrange a confidential call or meeting today to discuss how offshore staffing can work for you.