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End of the Year Bonuses that Won't Break the Bank - ThinkstockPhotos-500671482-c.jpg

End of the Year Bonuses that Won’t Break the Bank

The year is quickly coming to a close, and what better way to show your appreciation for your employees than with end of the year bonuses? If you’re a small business owner with a tight budget, don’t worry, cash bonuses aren’t the only way to express your gratitude for your employees. In fact, we have a list of some creative EOY bonuses ideas that won’t break the bank.

Give the Gift of Legal Benefits

If you can’t provide cash bonuses to your employees this year, why not give them a benefit that’ll last them all year long? Rocket Lawyer’s Workplace Legal Benefits program provides legal support for your employees. It’s a practical gift that keeps on giving all year round. And with our new Document Defense add-on feature, you can get a layer of extra legal protection  just in case something every goes awry.

Rocket Lawyer’s Workplace Legal Benefits allows business owners to customize their plan to fit their needs so no matter how small your business is, we have a plan that’ll work for you.

Throw a Holiday Event

You may not have time in the rest of the year to decompress and get to know your employees so a holiday event may be the perfect time to do just that. Whether it’s a full-blown company party or a small lunch gathering, getting your company together for a holiday event is a great way to get everyone into the festive spirit and to celebrate all the successes of the year. It’s the perfect ending to the year since holiday events often foster camaraderie and increase morale within the company.

If you end up renting an event space for the night, remember to create a Facilities Rental Agreement. This way, you can outline all the expectations and responsibilities of both parties, and ensure that the special night goes according to plan. Also, be sure to create an agreement with any third-party vendors (e.g., DJs and caterers) so that you can specify any details to make your event the best it can be, like explaining to the DJ how long he’s playing for and reminding your caterer to provide vegan options for your guests.

Provide Time Off

Time is precious, especially during the holidays. If you’re unable to give thanks in any other way, providing a day (or two) off for your employees can be just the way to show your gratitude for a year’s worth of hard work. Many of your employees are probably juggling work, family time, and holiday travels during this season, and receiving some time off can help them tremendously and lessen the stress that can inevitably get transferred to their work life.

If you’re offering time off for your employees, have them complete a Time Off Request. In it, employees can explain their reason for time off and with the submission of the request, you can either approve or reject the request. With all the information provided on the document, it’s an easier way for you to better assess requests for time off.

Upgrade Office Equipment

After doing your year-end review, you may have come to the conclusion that you do not have nearly enough funds to provide your employees with personal holiday bonuses. The solution? Provide your employees with office upgrades. This way, you can give upgrades to their everyday office essentials (e.g., computers, chairs, desks) while investing in new office equipment that needed to be upgraded anyway. It’s a win-win for everyone.

Hand Out Gift Cards

Cash bonuses are harder and harder to come by, and employees understand that. Even if you can’t offer cash to your employees this year, you can still provide them something that they can use freely, like gift cards. Gift cards can be a cheaper alternative to cash, and they still give employees the freedom to use the prepaid cards for what they need or want this holiday season.

What are some creative ways you’re showing thanks to your employees this year? We’d love to hear from you in the comments below!

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