‘Tis the season to be jolly… and to further engage the loyalty of your employees.
You didn’t know that was part of the song, did you?
In all seriousness, quality retention strategies are crucial for a company’s success. Having any open positions costs you money, not only in lost labor, but also in the time and expense involved in filling those roles. And when a company is experiencing a lot of turnover, morale amongst the employees who do stick around can be abnormally low; hindering productivity and diminishing the corporate culture you’ve worked so hard to establish.
The good news is that this time of year is perfect for boosting that morale and increasing loyalty all around—but you can’t be a scrooge if you want to take full advantage of what the holidays can mean to strengthening that employee bond. Luckily, engineering that loyalty isn’t just about money. Here are a couple ways (both monetary and free) you can show your loyalty around this time of year, hopefully cementing theirs in the process.
Bonuses: A holiday bonus is one simple way to say, “We appreciate you and all you do.” A good company-wide bonus, particularly when unexpected, can absolutely boost morale and increase loyalty. Unfortunately, not every company is in the black enough to be able to consider significant monetary bonuses, but that doesn’t mean you can’t still find other ways to brighten your employee’s spirits. Additional 401k contributions can be meaningful, or personalized gifts chosen with your employee’s hobbies and lifestyle in mind. For instance, gift certificates to a local waterpark for those with kids, or to a nice restaurant for those who might enjoy a night out with their significant other.
Company Celebrations and Recognition: Recognizing this time of year as a time for fun and celebration can go a long way. This is why holiday parties, staff lunches, or similar are so important; they provide opportunities for your staff to bond in celebration, rather than over impending deadlines and stress. They are also a great time to recognize those who are contributing to your company’s success, and to provide them with the accolades they deserve. Though, even without a celebration, company-wide recognition e-mails around the end of the year can be a great boost.
Time Off: A really simple way to boost morale around the holidays is to give an extra day or two off…or even a few well-timed early dismissals. If Christmas falls on a Thursday, for instance, consider making both Christmas Eve, and the Friday after, company closure days. Not only will your employees appreciate that extra family time, but realistically—anyone coming in that Friday would likely have been distracted anyway. So you save yourself from paying for a distracted workforce. And the beauty is, for small companies who have autonomy to make those decisions – extra time off doesn’t impact your budget.