What you need to know about giving your employees a bonus.

If you have employees, you know how vital they are to the success of your business. Being able to delegate tasks, serve exponentially more customers, and tap into their unique skills is what keeps the doors open and money in the bank. If you are financially able, you may be looking at end of the year bonuses or other incentives.Here are some things to consider:

𝘉𝘦 𝘍𝘢𝘪𝘳: Tie it to performance, longevity, or make it the same amount for everyone. Whatever strategy you choose, make it consistent and clear.

𝘉𝘦 𝘙𝘦𝘢𝘭𝘪𝘴𝘵𝘪𝘤: Don’t let all that appreciation and holiday spirit go to your head. Only give what you can afford.

𝘉𝘦 𝘭𝘦𝘨𝘢𝘭: It’s tempting to hit the ATM and pass out cash, but all bonuses need to run through payroll so they are taxed appropriately. Other incentives like gifts or parties do NOT be captured in payroll.

If a “cash” bonus isn’t feasible, or you want to spare the tax implications, there are a lot of other ways to show your appreciation. Consider extra time off, closing the office, a special staff meal or outing, or even a handwritten and heartfelt thank you.

What is the best / worst bonus or gift you have ever gotten from an employer? Let us know in the comments (especially if it's hilarious, weird or embarrassing. We live for that shit)!