As we continue through a new decade that has taken most of us by surprise, showing employee appreciation is something all small business owners can do.
2020 should probably be the year that we put underground and resolve to never speak of again. But the reality is that doing so would erase the hard work that so many frontline staff put in to keep all of us going. Times are pretty tough for small business owners – especially as the COVID-19 pandemic continues to cause disruption both at home and across the globe.
Along with the uncertainty brought about by lockdowns, keeping your staff on the payroll was probably top-of-mind for you over the past six months.
But even in the middle of such challenges, there are some really impactful ways you can say a big “Thank You!” to the employees who have kept your business going this year.
If business is booming, consider giving your employees a raise or a bonus.
If your small business has taken off during this time, your employees would have been working around the clock to make sure you could meet consumer demand. A really nice way to thank your team is to give them a little financial boost. Money isn’t everything – but every little bit helps.
Don’t underestimate the power of recognition and praise. 82% of employees would prefer praise over an increase in salary. That is the power of simply saying “Thank you for all your work – you’re doing a great job.”
Make sure that the praise is regular and timely. Don’t wait until the annual or biannual review to let your employees know that they are doing well. When surveyed, 65% of employees said they hadn’t received any positive praise in the last year. People are likely doing commendable things all the time and it’s not difficult to give them well-deserved credit.
The good news is that praising employees is accessible for every business, regardless of size.
While extra cash is always appreciated in these hard times, verbal positive feedback about the great work being done is really powerful – and it’s free.
If raising salaries isn’t an option, why not consider reviewing employee perks that will help to support the mental health of your employees. 2020 has been a turbulent time for everyone; but for employees working through the pandemic, there may not have been time for them to care for their mental health. Showing you care about your employees’ well-being is a great way to say “thank you.”
One interesting idea is to sponsor activities that will help them maintain their minds. There are many high-quality meditation apps that are cost effective and easy for employees to use.
Another option: simply host conversations for your employees to talk about how they’re doing. The good news is that you can do them in person or do them virtually – and it’s an effective way of making your employees feel connected and valued.
Supporting your local economy is beneficial in many ways. If you want to reward your employees and give your fellow business owners a boost, why not distribute gift cards? That way, your employees can get things that are of interest to them, but it also helps to keep other small businesses trading. It’s a great idea and perfect for the holiday season coming up.
Set up a digital lunchtime if you’re all working remotely or a set time in the office and have lunch together. Get delivery to the office or sponsor your employees getting a tasty meal at the home office. Then, get everyone together and enjoy! It’s such a lovely idea and really helps to add a positive note to any team dynamic.
The ultimate way to say thank you is to invest time and resources into developing your employees. Your business will have different capacities for this but consider sponsoring or subsidizing online courses, access to a mentor, or even a program that will lead to promotion to management. Investing in learning opportunities for your employees shows you value the work of employees, and it is something that is hugely welcome in uncertain times.
Online platforms like Skillshare and Udemy can help your employees learn new things from anywhere. Sponsoring an annual membership is pretty cost-efficient, but still goes a long way in making your team feel appreciated.
We hope these ideas are useful. The important thing to remember is that spending money is not a mandatory part of making your employees feel seen and valued. With that, all that’s left to say is a huge “thank you.”
For all the essential employees who’ve kept us going during the COVID-19 pandemic, we appreciate you, you’re doing incredible work, and we couldn’t do 2020 without you.
About Sonu Shukla, CPA, CFP
Sonu Shukla is a Certified Public Accountant as well as Certified Financial Planner. He believes in proactive tax planning and has the skills, education and experience to demonstrate passionately planned financial strategies. His firm tailors highly efficient tax plans for his small business clients, all in a one on one environment where he and the client can bounce ideas around until every detail is worked out. Located in Orlando, FL, he services all of Florida.
