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End-of-Year Bonuses: To Be or Not to Be?
As Canada feels the economic crunch, employees may find themselves wondering if they should expect their usual end-of-year bonus. And, while some industries are weathering the storm better than others, plenty of businesses across the board are facing a tough decision as the fiscal year comes to a close. Increased pressure to keep costs down and productivity up makes it particularly challenging for managers who typically reward their employees' hard work with an end-of-year bonus. Fortunately, while very few things beat cash, there are some great alternate ways you can thank your best workers. Give them some time. For some employees, balancing their personal and professional lives can sometimes be challenging - and everyone enjoys a little extra “me” time. So thank your team for their hard work by offering a more flexible schedule. Advances in technology have made it easier than ever for most people to do their jobs remotely, so let employees work from home one or two days per week. If telecommuting isn't feasible, consider rewarding employees with additional vacation time or letting them work four 10-hour days per week instead of five eight-hour days. Likewise, alternatives such as job sharing and part-time schedules for talented workers who need the flexibility are great options. Invest in them. While your company may not be in a position to offer every employee a substantial raise or year-end bonus, you can show your commitment to them by investing in their professional development. If your business does not already have a strong training program in place, consider creating or improving one. Tap high-level, experienced employees to serve as mentors to their lower-level colleagues, and let them share their knowledge and skills by featuring them in training sessions and in the company newsletter or on your organization's intranet. This is a win-win type of training program, as employees who share their experience are rewarded with a higher profile in the company and an addition to their resume, while employees who attend the training sessions receive tips from experts on your company as well as the industry. Added bonus: it saves your business money and promotes camaraderie and the sharing of internal knowledge. Keep them healthy. If you can't offer cash bonuses, another option is to diversify your health and wellness benefits. Benefits like “Lunch and Learn” seminars or Employee Assistance Programs provide additional resources for employees at a low cost to you. “Lunch and Learn” seminars can be especially helpful, as all they require are a conference room and someone - perhaps even one of your own people - to speak on helpful topics like time management, saving for retirement, managing stress, or networking. Employee Assistance Programs provide employees a confidential place to turn when they're in need of help. This can help maintain productivity levels and cut down on unnecessary sick days. If your company doesn't have an on-site gym, try offering a discount to employees with a specific gym. Many national gyms offer group rates for the employees of participating companies. Other healthy perks include an office water cooler to help employees stay hydrated, healthier snacks in office vending machines, and on-site yoga if possible. Let them know you appreciate them. However you decide to reward your employees, it's crucial that they know why they aren't receiving a traditional year-end bonus. So, make the reasoning clear and be sure to explain that the cuts are company-wide (if they are) and how grateful you are for their hard work and efforts. Knowing that their hard work is appreciated and isn't going unnoticed may help ease the disappointment employees may feel when learning they will not receive a year-end cash bonus. Of course, hearing that they may receive a bonus in the future may be even more helpful so, if that's likely, be sure to let them know - just don't make promises you can't keep. And when your business is in a position to thank employees with bonuses, do that. ©2009 Adecco. All Rights Reserved. 
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