Will You Lose Your Best Staff Over Holiday Bonuses This Year?

Will you face an exodus of your best team members as they are lured to the competition by bigger holiday bonuses this year? Small businesses seem to be flusher with cash this year or at least recognizing how critical it is to retain staff loyalty and the huge difference having the best talent makes to their success.

According to the latest research by American Express OPEN, 35% of companies plan to give holiday bonuses in 2012. That’s up 6% from last year. Of small the businesses surveyed employees can anticipate an average bonus of 9%.

This is a serious amount of cash for growing businesses. However, it is yet a crucial operating expense for those who want to maintain their success and hold on to the best staff members, and even to attract better ones.

Bonuses give employees and contractors something to look forward to, make them feel their efforts are really worth it and appreciated, and can be a huge factor in deciding whom to work for.

The question is what can those who aren’t so flush with cash do to keep up?

Here are six low budget, big impact ways to keep your team loyal and productive this year:

1.     40% of small businesses plan to throw holiday parties in 2012, up 4% from 2011

2.     A big verbal “Thank You” can go a long way

3.     Consider company retreats and team building activities

4.     Enroll teams in the exciting corporate vision for 2013, and the rewards for them

5.     Hand out promotions or titles which really cost you nothing

6.     Utilize your toll free number routing capabilities to allow team members to spend more time working from home this holiday season

Note 60% of companies also plan to give to charity this season. If you don’t have the budget for it, can your firm help raise money for charity via one of your toll free lines or can you get your staff involved in a community project and build a stronger, happier workforce?

GREEN BOW
© Andrew Taylor | Dreamstime.com