Holiday pay or holiday bonuses – are they important to movitate employees or boost morale? It’s not a surprise that most employees look forward to the holiday season for several reasons: they are delighted to have an extra day or two of paid time off without having to use their vacation or sick time, there’s the company’s holiday party and food, and there are potentially other “holiday perks” they may receive such as holiday cash bonuses, retail or restaurant gift cards, gift baskets, etc.
As an HR manager, you may wonder whether holiday incentives are cost effective investments. While the overall cost of these holiday extras is not insignificant, the return on your investment will be significant. Whether your organization chooses to hold a holiday party or give cash bonuses or other perks to all employees, you can be sure that it will not go unnoticed. Rewarding your employees with “extras” during the holidays is win-win. It underscores that they are valued by the company, which ultimately boosts employee morale.
With the economic turmoil of the past few years warranting strict cost-cutting measures, holiday parties had ground to a halt in many organizations. But, a poll conducted by the Society for Human Resource Management (SHRM) indicated that this year, holiday parties are definitely on the rise, with an increase over 2009 and 2010. Gift cards to Target, Starbucks and other chains have become increasingly popular as holiday perks for employees as well.
However your company decides to celebrate, rewarding all employees during the holiday season will help increase morale and engagement while spreading plenty of holiday cheer.
Happy Holidays from the HR Knowledge TeamButton Text.