Four ways to reward your staff with holiday money
As an employer, you are probably already aware that your employees are entitled to paid holiday leave every year. If an employee works more than five days a week, they are entitled to 28 days paid holiday leave per year. However, you may find it useful to go beyond your legal obligations and reward your staff (particularly those who perform well) with an additional thank you by way of a holiday incentive. Providing employees with a little extra something for their holidays is a great way to secure their loyalty to your business while incentivising them to work hard. With the summer holidays just around the corner, many of your employees will probably be taking their paid vacations fairly soon. Ergo, you may be wondering how can you deliver the extra holiday incentive they deserve.
- Money-saving perks
If you’re not in a position to give your staff money directly, you can help them to save money instead. For example, your business could offer its staff discounted airport parking via thereby making it cheaper for them to go on holiday abroad. You may even be able to offer discounts on flights, hotels and hire cars. There are many great shopping, saving and discount scheme providers out there so have a look – you never know your grateful employees might bring you back a Toblerone!
For employees with children finding childcare for their holidays whilst they are working can be tricky. Ensuring that your staff understand childcare vouchers (and the new tax-free childcare schemes) and how they can be used for children’s holiday clubs and similar schemes will be hugely appreciated. This will help your employees give their children a fun holiday without breaking the bank. Bear in mind you need a childcare voucher scheme in place and employees need to be a member before April 2018.
- Profit sharing
Profit sharing schemes are a great way to put extra money in your employees’ pockets while encouraging them to do their best for your business. As its name suggests, profit sharing involves putting aside a percentage of your business’s profits and sharing it out among employees once a year. The better your business does, the more money your staff get. Why not time them to give extra money just in time for their holiday?
- Holiday saving schemes
Many businesses help their employees save for retirement by putting aside a small portion of their earnings each month. Have you considered offering a similar scheme for holidays? It’s easy to help them put aside a little money from an employee’s earnings each month and give it to them when they take their yearly holiday. If your business can’t offer a more conventional reward scheme, this a great way to make sure your staff have enough cash to enjoy themselves when they take a vacation.
Here at Better with Money, we understand how tricky it can be to effectively reward staff. Providing extra cash for their holidays is a very effective way of doing it. Just don’t forget to take a holiday yourself once you’ve sorted out their rewards!