How to determine what kind of Christmas bonus you will give

Many employers give their employees a Christmas bonus. This type of bonus is always well-received and is a great way to show your employees your appreciation for them. Not only that, but a Christmas bonus, especially when linked with performance, is a great motivator for employees and will help them to work harder and more effectively in anticipation of it.

But not all bonuses have to be money. There are a number of different types of Christmas bonuses you can give to your employees, including:

Money
The standard Christmas bonus is usually a set amount of money; say, 5% or so of the employee's salary. It could also be a set number for everyone, such as $500 or more. A monetary bonus is a great type of bonus because it not only helps with the Christmas expenses, but everyone will appreciate a little extra money for them to do with whatever they want.

Health incentives
Right around Christmas, many people make resolutions to be healthier. You can help your employees by giving them a Christmas bonus for health purposes, such as a gym membership for 6 months or a year, smoking cessation courses, or other type of health-oriented bonus. This is often a good type of bonus because not only does it benefit everyone, but it also gives them something they may have difficulty justifying spending on themselves.

Gift certificates
This is a good type of incentive as well. Oftentimes, a gift certificate to an employee's favorite store can also be discounted if you buy enough of them as well. Gift certificates can also help with holiday expenses.

Travel
Other types of Christmas bonuses could include a vacation-type incentive, such as two free airplane tickets or a few nights in a hotel in any city of their choosing. This is a great Christmas bonus for people and also encourages them to use up their vacation time.

How to determine what kind of Christmas bonus you will give
Now that you know all of the different types of bonuses you can give, it's time to decide which is best for your employees and your company. The following are some tips to help you determine the best type of Christmas bonus for your employees:

Finances. Your company's financial state will play a big role in not only the type of bonus you will give, but also how large of a Christmas bonus you can handle. It's important to set a budget and take into account your revenue for the past year and expected revenue for the upcoming year; you don't want to break the bank paying out bonuses.
Employee's opinions. Ask your employees what type of Christmas bonus they would like. You might think they want money, but they may want gym packages or travel vouchers. Consider narrowing possible bonuses down and take a vote. This will also help to improve employee morale.
Relationships with vendors. Some businesses have relationships with other businesses that can provide them with things that can be used as a Christmas bonus (such as gift certificates or airline tickets) at a discounted rate. Take these connections into consideration as well.

There are many different types of Christmas bonuses you can give to your employees that will help them to see how you appreciate them. The above tips will help you determine the perfect Christmas bonus.

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