As the old song goes, it\u2019s beginning to look a lot like Christmas.<\/p>\n
Other companies are throwing parties, passing out swag, and stuffing purses and wallets with options and bonuses. But what if you’ve had a tough year, are struggling to collect on accounts receivable, and can barely meet payroll? Or what if you\u2019re a former high-flying startup with investors who are now putting on the squeeze?<\/p>\n
As a boss, you’re feeling guilty, frustrated, and stressed\u2014hardly the seemingly all-powerful wolf of Wall Street handing out golden fist bumps. While it\u2019s not as bad as announcing layoffs, facing employees with the bad news that you\u2019re unable to give a year-end check to recognize a job well done is a collective blow.<\/p>\n
But remember that bonuses come in all colors, shapes, and sizes. Most people are motivated by being needed, respected, and valued; they want to be given the opportunity to grow professionally and be surrounded by people they like and respect.<\/p>\n
So instead, try non-conventional ways to give year-end props to a hard-working team, and develop a menu of bonuses that hit a range of these chords, like the one we\u2019ve got below. Because if you make it all about the money, your employees will too.<\/p>\n
Don’t send the company-wide email. <\/strong>I was on the receiving end of those communiqu\u00e9s earlier in my career, and it always struck me as cold and duplicitous, sent by higher-ups that were most likely themselves benefitting from a year-end boost.<\/p>\n Don’t blow money on a holiday party. <\/strong>Your co-workers will quickly do the math, and come to the conclusion that the catering, event space, and even the coat rack was an out of their<\/em> pocket expense.<\/p>\n Don’t buy expensive gifts for customers.<\/strong> Although corporations might proclaim that their people are their biggest asset, lavishing year-end gifts on customers says otherwise and can drive co-workers into an understandable jealous fit.<\/p>\n Don’t bring on new high-priced executive.<\/strong> Similar reasoning: the contradiction of cutting back here and adding on there has a one foot on the break and one foot on the gas kind of hypocrisy that is detected instantly.<\/p>\n Don\u2019t make it into a morale boosting exercise.<\/strong> It\u2019s tempting, but a temptation you need to ignore. As General Eisenhower once said, \u201cThe best morale exists when you never hear the word mentioned. When you hear a lot of talk about it, it\u2019s usually lousy.\u201d<\/p>\n Instead, when I was having a difficult year a few years back, I took employees out to lunch at a local Chinese restaurant and handed out high fives, recounting specifics of jobs well done, rather than passing around envelopes with checks.<\/p>\n Here\u2019s what else you can do:<\/p>\n Acknowledge that it sucks.<\/strong> Whether at a company town hall, or better yet in small groups or during one-on-one meetings, share the fact that we\u2019re all disappointed, but have good reason to believe that it\u2019s a temporary setback.<\/p>\n Show your sacrifice.<\/strong> Bonuses are a form of profit sharing, and if there are little to no profits, the leader of the organization should show they are feeling the pain more than anyone.<\/p>\n Focus on individual growth. <\/strong>Taking someone you\u2019re managing to coffee at Starbucks, checking in on them, and listening to them share what\u2019s working and what\u2019s not can work wonders.<\/p>\n Arrange for something fun.<\/strong> Even if it\u2019s a cheap outing of bowling and beers, cut out of work early, and blow off work to blow off steam.<\/p>\n Give them something tangible.<\/strong> If it\u2019s not a big check, think of extra perks that can help make a difference. Over the last year, we rewarded different employees with the following perks: a gym membership, a new cell phone plan, ordering up free lunches, working remotely, gift certificates to favorite stores, new business commissions, or even new responsibilities and title.<\/p>\n Award acts of greatness.<\/strong> I once ran an offsite in which we created awards for all our employees in an Academy Awards-type spoof. A bit corny, but a good example of creating a culture that celebrates and rewards achievement.<\/p>\n Share the dream for a better future, together.<\/strong> Growth is not linear. Show perspective that it comes in fits and starts, and get concrete about why next year will be better.<\/p>\n","protected":false},"excerpt":{"rendered":" As the old song goes, it\u2019s beginning to look a lot like Christmas. Other companies are throwing parties, passing out swag, and stuffing purses and wallets with options and bonuses. But what if you’ve had a tough year, are struggling to collect on accounts receivable, and can barely meet payroll? Or what if you\u2019re a […]<\/p>\n","protected":false},"author":1360,"featured_media":17991,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[43902],"tags":[],"class_list":["post-17970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-professional-development"],"acf":[],"yoast_head":"\n