Over the last 35+ years of my career, I’ve experienced the Holiday Bonus from both the employee’s and the employer’s perspective. There are many ways you might reward your employees at the end of the year for their hard work and contribution to your small business—which made us curious about how you did it. So we decided to ask.
Earlier this month we surveyed 509 small business owners to see what they did for their employees this time of year. Of the business owners who responded to the survey, 92% told us they offered their employees some kind of holiday bonus.
When I was a small business owner, I gave my employees a cash bonus. More than half of our survey respondents do the same—by far the most popular way to recognize employees with a bonus during the holidays.
As an employee, there have been times when a holiday bonus just wasn’t part of the job, but I’ve been on the receiving end of all the following at one time or another:
- I give my employees a cash bonus (51.2%)
- I give my employees a turkey, ham, or other item (10.1%)
- Employees get a performance-based bonus before the holidays (9.9%)
- I have a holiday party where cash and other prizes can be won (8.5%)
- A performance-based bonus is incorporated into their compensation (3.6%)
8.7% of the small business owners that responded do something else not listed by our survey; and 7.9% don’t offer a holiday bonus to their employees.
As a small business owner, I recognized how valuable my employees were to the success of my business. If I’d had a good year, the cash bonuses reflected that with a little extra. And, I considered the annual bonus a way to say thank you and spread a little Christmas cheer.
If there’s something we missed in our survey you are doing in your business, use the comments section to share your successes with us. We’d welcome the chance to learn more about what you do to spread holiday good will.
Thank you for reading our blog. All of us at OnDeck hope you have a wonderful holiday season.