As we approach the holiday season and reflect back on what a tough year it has been, I want to encourage you to thank your team members who are the core of your business. It is important to publicly acknowledge their hard work for you and the firm’s clients and reward them accordingly. This month, I wanted to give you some suggestions on a few year end gifts/bonus ideas that will go a long way for people who have shown dedication and commitment during turbulent times.
Christmas Bonus - if you aren't able to do your normal profit sharing or incentive bonus, consider a $100- $1000+ gift card to Amazon, Target, Walmart, Lowes, etc. to help out with the Christmas gifts they plan to purchase for their family.
House Cleaning - People are spending much more time in their homes so give them the day off and hire a company to come in and perform a deep clean. Studies show that people are more productive in a clean work environment and who doesn't love a clean house?!
Subscriptions - Cover the cost of a subscription service such as HelloFresh, TradeCoffee, Pandora Premium, Goodreads, Disney+, Hulu, Netflix, etc. for 1 year. It is the gift that keeps on giving and is much better than jelly of the month club! Restaurants are closed or limited so there are more meals being cooked at home. The same with coffee shops for people who need their coffee fix each day. People who love music, have kids and are podcast/entertainment junkies love bingeing out on streaming TV and books.
Experiences - If you have an idea of your team member’s personal interests, consider an experience offered through a company like blueboard.com. These can get pricey so make sure it makes sense in the overall budget.
Pet Grooming - Everyone has a pet these days (except me) so consider hiring a professional to help your team member pamper their pet which they all love to do!
Treadmill/Exercise Equipment - You don't want any of your team members to think you are trying to tell them something, but with the Gym closures exercise is still an important part of a daily routine. You can pick one of these up for as little as $300 at major retailers. Get one with a desk so they can keep up their high productivity level while exercising.
Recognition - Find something that is of interest to them, e.g. for your hockey fan, get a replica of the Stanley Cup and engrave their name on it with a note of gratitude for their contributions.
Some of these may sound silly, but it really is the thought that counts. Hopefully these were helpful and will spur some additional ideas. Don't be afraid to get creative and have fun with it and interject some joy and laughter into their chaotic lives. Whatever you end up doing, make sure you follow the de minimis fringe benefit rules to not run afoul with the IRS in reporting income.
P.s. We recently launched a new podcast - check it out here and let us know what you think!