As employers (particularly for small to medium enterprises), when do you give out bonuses? What guideline/s do you follow? Do you pay higher than the industry standard or do you just follow what the norm is?
Bonuses don't just have to be of monetary value. While it's true that most employees will work to earn a living, but keeping them happy while they are there is also key to success also.
Everybody likes a bnus in their wage packet, but at the same time they also like to be well thought of aswell. If we've had a particularly productive week, while I might not be able to show my appreciation financially, I can do it in other ways.
The working day on a Friday finishes at 5 but a few times we've got to 11am and I've walked in and said thanks for all your efforts this week, go. Go and start your weekend early and I've let them go home but still be paid for the full day.
While they haven't got anything extra financially, they appreciate that I've took note of their hard work and I appreciate them.
Small things like that can go a long way in keeping employees happy.
@Kathryn M. and @pwarbi, your employees are really fortunate to have you guys as employers. As an employee myself (and hopefully a future employer), the need to have a good and healthy working environment where people are rewarded not just financially (though financially is good! ) is something I constantly seek from a workplace. It's nice to see employers like you value the efforts of those who toil for the success of your businesses.
I actually sold the business I had and I now work for myself, by myself but at the time I tried to be a good employer and I'm sure my employees thought well of me so I thank you for your comments.
I think what helped me was the fact that I started out as an employee and I saw employers treat their staff like dogs a lot of the time and its one thing being firm, you have to also be fair aswell and I didn't see a lot of fairness, I can tell you that.
From car parts to fashion, it just shows the amount of businesses and opportunities that are out there for people, as long as they put their mind to it and are willing to work.