What Would You Rather: A Reward Or A Christmas Party?
The annual company Christmas party is a chance to kick back, relax with colleagues, and celebrate all the hard work that’s gone into the past year. And with COVID robbing us of traditional festivities in recent years, lots of companies will really embrace the idea of getting together as colleagues once more.
That said, is an annual Christmas party what employees really want in return for their dedication over the past 12 months?
Depending on the size of your business and the format of the celebration, the costs can quickly add up. What if, instead of a Christmas party, you spent that money elsewhere in order to better show your employees some appreciation? For instance, via rewards or incentives spread out across the entire year.
In the current climate, it’s something that all employers should be considering. Especially when it seems that many employees are calling for just that, according to recent research…
The case for cancelling
“Under two-thirds of employees would happily forego an office Christmas party or a holiday bonus in favour of more consistent rewards and recognition throughout the year.”
The above quote is taken from a recent study by Reward Gateway, an employee engagement hub that promotes employee benefits, discounts and incentives.
The company wanted to explore how workers felt about their annual Christmas soiree, and if they’d prefer that bosses spent that money elsewhere. The main findings of the study were as follows…
• 65% of employees said they would happily sacrifice their Christmas party in place of bonuses or rewards throughout the rest of the year.
• There was a variation between age groups, with 58% of recent graduates saying they’d be happy to say goodbye to the festive gathering, while only 42% of those aged 45-54 said they’d do the same.
• 76% of employees felt their employer could do more to understand what would be most helpful to them over the Christmas period.
An alternative route
So just how might you recognise your employees throughout the year in the absence of a Christmas party? Here are some suggestions Red Letter Days can help facilitate…
• Team days – encourage team bonding with an escape room experience, share thrills at a fun-filled theme park, or try something new – like paintballing or zip lining.
• Personalised gifts – say thank you with a trip to the zoo for employees and their families or give them a reset via a pampering spa session.
• Competition prizes – motivate employees throughout the year by gifting experiences as prizes for hitting targets, demonstrating your business values, or going above and beyond on a project.
The importance of reward and recognition
However you choose to spread the cheer throughout the year, just know that it’s crucial for keeping your workforce happy, engaged and motivated.
We spend on average one-third of our lives at work, so feeling appreciated and valued matters. In fact, in one study, 68% of HR professionals said that showing recognition and appreciation directly impacted their companies’ retention stats.