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.”

Change Independent Contractors into Employees Trouble-Free

Independent contractors are a vital part of the American workforce. They work for themselves, usually providing services to other businesses. While this setup offers many advantages to both the contractor and the hiring business, it can also create tax problems.   You...

Is retirement the same thing it used to be?

The modern concept of retirement has only been around for about 100 years. Though relatively new, what retirement looks like and how people are planning for retirement has changed significantly in the last few decades. With roughly 9000 Americans reaching the average...

Cash in: Beat The Taxman With 11 Tax-free Income Breaks

No one likes paying taxes, but what if there were a way to reduce the taxes you owe each year? Luckily, several tax-free income breaks can help lower your tax bill. Here are 11 of the best ways to beat the taxman. Break 1: accumulation and withdrawals of tax-free...

I owe to the IRS, what do I do now?

We know owing taxes can be a headache, especially if you don’t have a CPA or tax advisor to walk you through the process. If you fail to pay your taxes, in most cases you will only face interest or penalties, rather than going to prison for tax evasion. Even if you do...

Credit, Debt and Personal Finances 101

In an era of credit cards, services that allow you to “buy now, pay later”, and access to loans at your fingertips, it is easy to indulge in lifestyle you can’t necessarily afford on your budget. Before your fall too deep down the rabbit hole – or if you may already...

Buying an Electric Vehicle? Know These Tax Law Changes

 Are you thinking of buying an electric vehicle or a plug-in hybrid and taking advantage of the Electric Vehicle Tax Law Changes? If so, you have much to consider—thanks to the newlyenacted Inflation Reduction Act and Electric Vehicle Tax Law Changes. Let’s get...

Dealing With The New 62.5 Cents Mileage Rate

Due to rising gas prices, the Internal Revenue Service (IRS) announced an increase in the standard mileage rate for business travel. As a result, small businesses that make use of the standard mile rates can deduct 62.5 cents per mile for business mileage.  This is...

FAQ on Student Loan Cancellation

What is the Student Loan Cancellation? Last month, President Biden laid out a plan to cancel up to $20,000 in federal student loan debt per borrower. Beneath this seemingly simple plan comes quite a few questions about how, exactly, it will work. Naturally, borrowers...

Need to Change from 1099 to W2? Read More About This Safe Harbor Relief

IRS declared independent contractors as employees: Can Section 530 help?  Are you going through an IRS audit? Though we know that is bad but what happens if the IRS declares that many of your 1099 independent contractors are W-2 employees, now what?    Safe-harbor...

The IRS is Watching Cryptocurrency Closely

The IRS wants to know of any bitcoins or other cryptocurrencies you have. It will appear at the top of the first page of your Form 1040, below your address and name. The IRS wants to monitor crypto purchases and sales starting this year.   Anyone filing a tax return...

Request an Appointment Today

6 + 2 =

Call us at

Pin It on Pinterest

Share This