Employee Recognition | Budgeting in the Rewards

Stay Ahead of Law Changes & Protect Yourself Against Being Audited: Corporate Transparency Act and Reasonable Compensation

Budgeting in the Rewards: How to Make Sure You Can Recognize Your Employees for Doing Great

One of the most common reasons a company may have a high turnover rate in terms of their employees is because they don’t recognize their hard work enough. This is backed by various studies that show that employees yearn for some sort of recognition when they’ve gone above and beyond their duties. Understandably, smaller companies tend to have issues in terms of budgeting when it comes to recognition. Many want to provide awards but simply can not find the financial means to do so. The following list includes some of the best ways to make sure you can recognize your employees for their hard work.

What About Bonuses?

When you begin to contemplate ways to keep your employees happy and reward them for their hard work, a bonus is often the first thing that pops into one’s mind. A bonus is certainly one of the best motivators out there. However, there are pros and cons to this method. A pro of a bonus includes its tax. Fortunately for many companies, an employee bonus falls under a deductible business expense. It should be noted that this does not always apply to partnerships, sole proprietorships, and LLCs. This turns into a con for some companies as you will have to pay a tax to medicare depending on the amount given. In addition, bonuses should be something that employees actually see as an award. Someone making $60,000 a year might not be too motivated by an extra $200.

Planning for Events

Research shows that a third of employees don’t feel appreciated by their management. Often the head office won’t acknowledge the hard work put into their service by their employees. A great way to encourage not only participating but make your staff feel apart of the company is through a company event. Company events can involve team building activities such as a scavenger hunt, volleyball game, and anything that involves team communication. In addition, company events allow your employees to speak with management in a non-workspace environment. This leads to better communication, cooperation, and a better understanding of the company’s goals.

Social Media Recognition

Today most companies have a presence within the world’s social media platforms. This can be utilized to present your best employee in a good light and, at the same time, boost their reputation. You can highlight your employee and their achievements on your Facebook, Instagram, and Twitter page. This strategy will no doubt make your employees feel great about their work and their company as a whole. Note that you should always make sure that your employee is okay with your decision to place their image on the internet.

Catering Lunch

Most startups may not have the ability to provide their employees with expensive perks or monthly bonuses. However, this does not mean you should quit recognizing your employees entirely. A great way to recognize all the hard work your staff has done is to cater to their lunch every few months. You may choose to cater to your entire staff or those few who have gone above and beyond for your company. In addition, having your top stars in the same room can produce additional competition or sharing of ideas.

It cannot be stressed enough how important it is to show your appreciation for your employee’s hard work. Although financing rewards can be a hurdle, it should not end the project entirely. Adhere to the list above to begin implementing these employee recognition strategies into your own company.

Here’s another article you might like: How to Keep Your Company Vehicles in Good Condition

The Molen & Associates Difference

Mike Forsyth

“Super helpful and timely. This is our first year with them and we look forward to trusting them with our taxes and business books for years to come.”

Caitlin Daulong

“Molen & Associates is amazing! They run an incredibly streamlined process, which makes filing taxes a breeze. So impressed with their attention to detail, organization, and swift execution every year. Cannot recommend them enough!”

Sy Sahrai

“I’ve been with Mr. Molen’s company for few years and I felt treated like family respect and dignity. They are caring, professional and honest, which hard to find these days. Love working with them.”

Charitable Planning: A Strategic Approach to Philanthropy and Tax Benefits

Charitable Planning: A Strategic Approach to Philanthropy and Tax Benefits In the realm of financial planning, charitable planning stands out as a multifaceted strategy that not only furthers philanthropic goals but also offers significant tax advantages. This article...

Maximizing Tax Benefits through Strategic Business Vehicle Usage

Maximizing Tax Benefits through Strategic Business Vehicle Usage In the realm of business operations, the utilization of vehicles plays a pivotal role in ensuring efficiency and effectiveness in service delivery, client engagement, and overall operational logistics....

Understanding the 529 Savings Plan: A Comprehensive Guide

Understanding the 529 Savings Plan: A Comprehensive Guide In the realm of education financing, the 529 Savings Plan stands out as a pivotal tool for families and individuals aiming to manage the rising costs of education. This article delves into the intricacies of...

Tax Scams and Fraud: Navigating the Maze of Tax Scams and Fraud Awareness

Stay Alert: Navigating the Maze of Tax Scams and Fraud Awareness In an era where digital convenience meets sophisticated cyber threats, tax scams have emerged as a significant concern for taxpayers. The Internal Revenue Service (IRS) continuously warns the public...

Navigating the World of Business Expense Deductions: A Comprehensive Guide for Small Businesses

Navigating the World of Business Expense Deductions: A Comprehensive Guide for Small Businesses In the dynamic landscape of small business operations, understanding the nuances of business expense deductions can significantly impact your financial health and tax...

Unlocking the Benefits of Charitable Contributions: A Guide to Maximizing Your Tax Advantages

Unlocking the Benefits of Charitable Contributions: A Guide to Maximizing Your Tax Advantages In the realm of personal finance and tax planning, charitable contributions emerge as a powerful tool not only for supporting causes close to your heart but also for...

Detailed Guide on Cryptocurrency Taxation and Reporting

Detailed Guide on Cryptocurrency Taxation and Reporting  In the United States, the Internal Revenue Service (IRS) has clear guidelines on the taxation of cryptocurrency, which is considered property for tax purposes. This classification has significant implications...

Gig Economy Taxation: a Detailed Overview

Gig Economy Taxation: a Detailed Overview Reporting Income as a Gig Worker Gig economy workers must report all income earned from their endeavors. This includes, but is not limited to: Earnings from part-time, temporary, or side gigs. Income not reported on...

Standard Deduction vs. Itemizing: A Comprehensive Guide for Small Business Owners and Self-Employed Individuals

Standard Deduction vs. Itemizing: A Comprehensive Guide for Small Business Owners and Self-Employed Individuals   As tax season approaches, one of the most significant decisions you’ll face as a small business owner or self-employed individual is whether to take...

Real Estate and Taxes: A Comprehensive Guide

Real Estate and Taxes: A Comprehensive Guide Real estate taxation is a multifaceted topic that encompasses various forms of taxes, including income tax, property tax, and sometimes even sales tax. Whether you’re dealing with personal or business real estate,...

Request an Appointment Today

11 + 5 =

Call us at

Pin It on Pinterest

Share This