As the holidays approach, there is often office whispering regarding holiday bonuses and yearly pay raises. While many companies would love to give pay increases every year, we are not always in a position to do so. In an economy where growth is not always a guarantee, raises and bonuses are often very challenging for employers. Instead, we must look for creative ways to increase the value and show appreciation for our employees.
Find out what’s important to your employees. Do they want more education? Do they want to attend a seminar or professional development workshop? It makes sense to add these things to their total compensation package.
One of my clients has office space above a gym. The CEO went ahead and got a corporate account at that gym and offered membership to her employees. Not only did it reinforce wellness and stress management, it showed that the boss was listening to them.
Professional memberships can be very important to your employees’ professional growth and development. They’re also a good way to be recognized within your industry or profession. Paying for employee membership in a professional organization is a great bonus and can be part of the total compensation package when you’re bringing them on board. While there’s a cost associated, you’re also increasing the value of your employee and investing in their success. There’s value to your organization as well – who knows what prospects may be a member of the same organization or association.
Often, yearly bonuses are more about recognition and gratitude than monetary compensation. Don’t forget the power of a personal thank you note and public recognition at the next corporate wide meeting. You’ll find that often has more meaning to some employees than a monetary gift.
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