It’s the final week of work before Christmas. This is the time to review your company’s profit and losses for the year. It is also the time that employees are expecting a Christmas bonus. Do most companies hand out Christmas bonuses? I have spoken with other embroidery company owners and they generally do not give out holiday bonuses. The main reason was lack of sales and profit for the company. They couldn’t afford to give a Holiday bonus.
If your company did turn a profit and you have some deserving employees, how do you determine a proper bonus amount?
Here are some ideas
- Are they a key employee: If they are valuable to you and the company, you need to make sure you give them a bonus.
- Years Service: I am not a huge fan of years of service because most of the older employees have less productivity. Just because you have been with a company for 10 years doesn’t necessarily mean you are the key employee.
- Sales: You can bonuses your inside sales people out by their overall sales numbers.
- Productivity: Your factory employees can get a bonus by their units per hour they stitch.
- Attendance: Give a small bonus to employees that have perfect attendance. You will be amazed how many employees will NOT receive this bonus. All you have to do is show up to work.
- Gut Instinct: Use your gut and heart and give out the bonus. Some employees just need the extra money during the holidays. This will keep employee morale.
I hope your embroidery company had a profitable year and please enjoy your holidays.