An Attorney's Guide to Giving a Holiday Bonus
Let's face it. Attorneys have trouble remembering some of the simplest things. You might forget when your anniversary is, or when your daughter's school play is scheduled to begin.
And now, the holiday season is almost upon us. For some employees, this means one thing: holiday bonuses.
Millions of Americans will soon be stretching their wallet to purchase gifts and food for the holiday season. If you're thinking about doling out some extra dough to your employees, take pause and consider:
1. What is the bonus for?
For some firms, a bonus is actually considered a part of someone's compensation. Bonuses can also be a reward for an employee's stellar work throughout the year. But, in other situations, a bonus is simply just a present that you want to give to your employees to demonstrate your appreciation of them. Depending on the purpose of the bonus, the amount and type will vary.
2. What type of bonus should you give out?
If the bonus is part of someone's overall compensation package, money or some additional funds added to an employee's paycheck may do the trick. But, if the bonus is simply meant as an appreciation, attorneys can also consider other types of bonuses: gadgets, gourmet food, or other things that someone would appreciate (and use) around the holiday season.
3. How much?
This last part will depend heavily on your bottom line. While it's great to incur some goodwill with employees, make sure that bonuses don't end up pushing the firm into financial straits.
This holiday season, be prepared if you decide to spread some extra cheer in the form of a holiday bonus.
- A History of the Holiday Bonus (New York Times)
- Spring Bonuses Waste of Money, Don't Affect Loyalty, Survey Says (FindLaw's Greedy Associates)
- To Give or Not to Give: The Holiday Bonus (FindLaw's Free Enterprise)
You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help
Meeting with a lawyer can help you understand your options and how to best protect your rights. Visit our attorney directory to find a lawyer near you who can help.