How many of your employees are married?
How many have children?
And you expect them to make a living on WHAT?
All of us work to make a living, yet as owners we forget about our employee's livelihoods.
There are ways to pay your employees bonus' without overextending your company assets.
Here are some ways:
Pay all your vendors with a credit card that gives Frequent Flyer Miles.
Then transfer the free airline tickets to your employee's names and give them 2 Free Airline tickets as a Christmas bonus. This way they can take their Significant Other on a vacation that they might not be able to normally afford and all they have to pay for is the hotel and food.
Your cost is anywhere from Free to $75 depending on airline.
Create a "Potential Earned Bonus Account" for every employee.
Then explain to your employees that they are responsible for deciding how much of a bonus they will get at the end of the year. Tell them everyone will start out with $500, but every day they are late $15 is taken out, for every day they are absent without calling in $75 is taken out, and for every day they are absent but call in $35 is taken out. Think about it, It is very expensive for you to have absent employees. More expensive than to give them... say $500 -$1000 bonus at the end of the year for perfect attendance.
How can an employee complain about the bonus if they made the choice to be late, or out "sick" on a good skiing day?
When you pay Bonuses pay them in Cash and take out the taxes in their next paycheck.
Most paychecks go to pay Bills, but cash goes to having FUN. If your employees don't blow off steam once in a while they will become depressed and will not be as productive.
When you pay bonuses count the bills out loud in front of the other employees in the morning before they go on their first call.
Do it to a beat and everyone will start counting with you. For Example: 20, 40, 60, 80, 100, etc...
The momentum that is created is fantastic and you will see a more productive day out of all the employees.
Start an education fund - Donate $xx.xx to an account each month and hold scholarships for the employees children.
You will be surprised how fast the money adds up and how much your employees will appreciate your helping them as a family. You may not be able to pay for their tuition, but maybe you can pay for their books.
Hold Family nights once a year, not on a holiday.
Invite the employees and their families to a baseball game, a beach party, or another function where all the family members can have fun.
Remember back to when you were not a business owner and were working for someone else.
Don't make the same mistakes they did with you.
Remember why you left and what you wanted them to change and make sure you are not doing that to your employees.
Most employees leave because they don't get enough recognition.
A simple "Atta Boy" will go a long way if you mean it.
This is the time of year that goodwill is among us, bring that into your business year round and watch what happens to your bottom line.
"Good Luck and may next year bring much success to you and your family."
"My goal is to translate response into results.
Some teachers teach for others to learn. That's not me.
Some teachers teach for others to accomplish. That IS me."
- By Jim Rohn
The views expressed in this article are those of the individual author and do not necessarily reflect the views of the management or staff of MasterPlumbers.com
site.
When you pay Bonuses pay them in Cash and take out the taxes in their next paycheck.
