As we near the end of the year, you want to reward your team with year-end recognition and bonuses, especially those who have been with you through the craziness of the past several months. Before you start giving out money or gifts be sure you have clarity on your goal and budget. Are you wanting to express gratitude for the team being there and helping your business succeed or are you wanting to share a portion of your profits based on individual performance?
Gratitude rewards may vary in amounts based on job role and length of service. Profit sharing awards may vary based on individual contributions to revenue generation and cost savings. Either approach can work it’s just important for your team members to understand why they are receiving a bonus. We recommend setting an overall budget for your bonus program before you start deciding the individual amounts you will pay out.
Cash bonuses are not required to recognize your team. You can create a fun experience or give gifts, including gift cards. With this approach is always good to ensure you consider individual’s preferences to ensure the experience or gift is valued by the recipients.
Be sure to check out our video discussion of the different ways you can recognize and bonus the employees in your pet business. We also talked about ways to share tips and how to ensure you stay in compliance with pay laws.