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Video Highlights:
00:39 The end of the year is a traditional time for recognizing employees’ contributions to your business. Whether large or small, cash or a gift, it’s important to note here that as we discuss bonuses, we are not talking about commissions as a form of payout for sales or performance.
01:01 The decision to give a bonus and its size may indeed be based on a company’s overall performance. As such, employers and managers should keep in mind their plan for bonuses throughout the year.
01:29 As with other forms of compensation, the holiday bonus should be administered fairly and provided on a nondiscriminatory basis. This means the eligibility criteria for bonuses must be applied in a nondiscriminatory way, and eligible employees must receive bonuses in nondiscriminatory amounts.
01:59 Holiday bonuses also come wrapped up with tax implications for both the giver and the recipient. Cash gifts are subject to federal, state, and local withholding taxes, so if you offer them, make sure to take all applicable deductions.
02:49 Remember, even in lean years, when you can’t afford to give cash, a token gift is always appreciated because it communicates your gratitude and thanks at year’s end. And everyone can use the gift of time.
03:01 If your business can accommodate it, an extra day or two of paid vacation over the holiday period would be much appreciated by your employees. Finally, be sure to thank your team personally, and express your gratitude for all their hard work during the preceding year.
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