Do you give a holiday bonus each year? Some companies do it only when they’ve had profitable years. Others – usually bigger size companies – often have policies set ahead of time to incentivize their staff from the beginning of the year. If you’re a smaller business, cash might be tight, so we wanted to show you that there are many ways to offer them to your craftsmen. But before you decide, we suggest you first determine the primary purpose of the bonus; why are you giving one? Is it a thank you and/or reward for their hard work all year long? Or is it just part of your celebrations, another way to get closer, and help with overall personnel retention? Then, when deciding the kind of bonus you give, you can make sure that it’s in alignment with that purpose. Here are some guidelines and ideas to get you started:
Cash or Check Lump Sum
Because many of your craftsmen may work part time or on a project-by-project basis, you may consider giving a certain amount per hour they’ve worked – general rule in many big firms are about $.50-$2 for every hour they’ve worked. This kind of bonus might mean a tax write-off too, so check with your accountant on that.
Giving your staff a certificate for tools and equipment is a win-win! They’ll be thrilled to get new improved tools, and the construction projects in your business will benefit with better quality builds! If you have an appreciation or perks program like we do at Madden, you can give them points to get company gear too!
Don’t underestimate the power of a hand-written thank you note. Regardless of whether or not you’re giving a cash bonus, telling your craftsman that they’re a valuable part of the team in pen is rare these days – and will likely be appreciated more than you know. Plus you’ll feel good doing it, being reminded of the talents and skills of the great craftsman on your team!
One of the ways to build loyalty from your team is to help them with their goals. Ask each craftsman to write down things they want to do or accomplish – and show them you want to help them get there! For example, if they want to take a trip to Europe, help them arrange days off from work in 6 months, get airline certificates, or give incentives to them to earn extra funds between now and then. They’ll be over-the-moon enthusiastic to work for you and help your company reach your goals too.
Ask them what activities they enjoy with their family and friends, and give them each individual experiences that you know they’ll enjoy. Examples include a ski trip with the family, sand-duning on the coast, Oregon wine country day trip, or other. Sometimes employees need a little nudge to take time for fun, and they’ll be appreciating you while they’re doing it.
Paid Day Off
Sometimes the most appreciated gift is the easiest to give! Help them celebrate with an extra paid day off, and encourage them to actually take it!
If you want to bring your craftsmen together to thank them and celebrate, then do something positive for the whole team! Host a holiday lunch or dinner – and you could even give bonuses or other gifts at that event.
And while you’re deciding what to do this holiday season, consider creating a policy for next year, so that it’s something that you can announce in January. It’s a great way to incentivize your staff and motivate them with a better performance throughout the year. If you’re looking for more ideas and guidance in this area, give us a call at Madden today. And we’re here if you need more top craftsmen to appreciate this holiday season (or next!) as well. Contact Madden Craftsmen to get help attracting and hiring the best craftsmen for your next project.