fbpx

Galaxy Community

Tap into the Wisdom of the Crowd! Find answers, ask questions, and connect with our community around the world

Home Galaxy Community Galaxy Community Gifts Reply To: Gifts

  • Jennifer Angeles

    Member
    March 22, 2024 at 12:51 pm

    Hi, it all depends on the financial health of your business.

    1. Set clear goals- are you boosting confidence, recognizing their achievements, celebrating milestones or something else.

    2. Assess your budget- Review your business’s financial situation to have a clear view of how much you can afford to allocate towards employee appreciation, without compromising other critical areas of your business. This can be a fixed percentage of your profits on a separate bank account.

    3. Brainstorm about types of gifts- Decide if you want to provide physical gifts, extra time off, gift cards, public recognition, etc. Don’t forget to determine how often or on which occasions to give out your special appreciation gifts.

    4. Tax Implications- Prior to doing this, make sure to consult with a tax professional to understand the implications for your employees and your business.

    5. Value- Remember, the value of appreciation gifts mostly lies on the thoughts and recognition and less in their monetary value. Creative and personal gestures can have a more significant impact on employees.

    I wish you greatness in you future endeavors.