5 Simple Steps to An Effective CHRISTMAS BONUS Strategy

The most important day or the best occasion of greeting each other with best wishes, Christmas is about to come. You must have been preparing for this grand way for your family and friends. Gifts, shopping, decoration or even holiday planning is going in your mind.

What about your company? Do you have any planning for the Christmas gifts for your staff or employees?

You cannot say ‘no’ because employees are also like your family. They are toiling hard to grow your company to reach the peak of success. You are indeed giving them sufficient remuneration for their hard work, but these individuals are expecting some bonuses during Xmas so that they can delight their family too.

Expectations of your employees from you are apparent, and you cannot neglect them. But there is a question here: are you running your business on an emotional base?

If your answer is in ‘No’, then we are not going to blame you anymore. After all, you are a businessperson.

It would be better for you to strategise everything before coming to any decision. If you have not still yet planned anything as Christmas is only a few days away, then nothing to worry. You can implement from next year.

To guide you, we are giving here SOME TIPS that you can include in your ‘Christmas Bonus’ Strategy. These are:

1- Keep a ‘morale factor’ as an option

You must not be running your company on the emotional ground, but you cannot be too much strict in terms of your rules and regulations. You have to bring feelings inside that your employees also want to celebrate Christmas with their near and dear ones. They also need extra money to accomplish their desires.

If your staffs think that their company is not going to pay any bonus, then there might be a chance that they may not put 100% of their efforts. Thus, to keep their morale high, you have to arrange anything for better outcomes.

2- Think twice before mentioning anything in a contract

Many companies sign a contract with a joining staff where specific rules and regulations are written. Employees use to read those guidelines first, and then sign, or not, the contract. You may be following the same in your company too. But if you are in a doubt on the company’s performance during Christmas season, and then do not mention anything like Christmas bonus in the contract.

Instead, you can mention such things into the cover letter or offer letter to keep them interested at the same time.

3- Don’t reveal too much about the bonus well-before December

Your company will have senior persons at the higher ranks and you share your strategy with them during the board meeting. But at the same time, it is not good to reveal everything before them especially related to Christmas bonus.

One of those members may reveal your plan to the junior staff, and your secret will not remain a secret now. You cannot sure about the business around the festival because most of the people in the UK are going for the holidays. Who knows your business might not be in the condition of generating extra money for the bonus.

4- Plan a bonus only when your company achieves a certain target

You have to keep a well-planned strategy as well as suddenly created strategy.

For instance, only a few days are left for Christmas, and you still haven’t planned a single step. You can do sudden planning by keeping the company’s performance into your consideration. Further, if your business is about to reach the decided target, then only you can think of giving a Christmas bonus to your staff.

You can plan a grand party within the office premises or buying attractive gifts according to the hierarchy level. Many things you can do as such.

5- Uphold ‘borrowing’ as an additional alternative

Taking forward the urgent planning, you may not have enough business savings to arrange the bonus for the employees. You should not consider cancelling it; instead, employ a borrowing option to arrange the festive funds.

We need to discuss on the UK marketplace. It has reliable lenders providing business loans for Christmas preparation as well. Few of them are also providing financial help to those businesses where poor credit prevails.

For example, here at Forever Finances, it boasts of specific finance products like Christmas loans for bad credit people that are accessible with no guarantor requirement too. These are the small loans, but enough for you to arrange money for the Xmas bonus.

A Concluding Glance

To run a successful business, you have to keep your staff happiest at every level. If they are offering their extreme best, then it would be your onus to fulfil their aspirations so that they can be more productive for you.

Christmas is the best occasion not only for the family or friends but for businesses too. Presenting a bonus to the staff is the best way to grow your company. However, not all companies are able to do so. Of course, borrowing comes as an alternative particularly when quick loans are available. You can utilise them and enjoy the festival with your employees.

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