When salaries are skyrocketing and you are feeling the pinch of the industry bonuses being launched down the street, take heart. There are things you can do when your firm is in a cash crunch. Just remember to do something for your team.
Give the gift of time if you don’t have the cash. Studies show that people respond more positively to time off than they do to any other alternative rewards. If you can’t spare a day now, give them a “take one day” certificate to be used later.
If you want to show your appreciation to a great team, throw a party! What better way to get people together than with a social outing. You could even cater an in-house luncheon. Make it special and show how you are “family first” by inviting spouses. Costs can range from $25 to $60 per person.
Have a raffle. If you have vendors that you patronize throughout the year, ask for a small donation for your holiday raffle. Don’t worry. This is a common practice and most vendors (from printers to office suppliers) are happy to “donate” cash and prizes to your holiday festivities. It never hurts to ask!