As businesses look for ways to cut costs and survive a cycle of slow sales, employee holiday bonuses tend to end up on the chopping block. And for the most part, employees are okay with this. Survey data suggests that most employees view bonuses as a nice reward, but they don’t typically budget around them or become overly upset as bonus levels rise and fall with company fortunes. When times are lean, employees tend to accept thin bonuses as part of the price of company health and ongoing job stability.

But if you can’t show your appreciation by offering standard bonuses to your team this year, what else can you do to let them know you value their hard work? Here are a few options to consider.

Offer Time Instead of Money

It probably won’t push your company into bankruptcy if you replace monetary gifts with gifts of time. Think about giving your employees Fridays off during December, or allowing half days once a week from November to January. Even a single unexpected announcement giving your team a long weekend can have a surprising impact on employee morale. It won’t cost much to let them go for an extra day or two, and when they come back, they’ll be more committed than ever. 

Throw a Bigger Party

Bonuses may be off the table, but compared to a four or five figure check for each employee, the cost of a lavish holiday party may seem entirely manageable. Regardless of your starting point (we all have different definitions of “lavish”), think about taking it up a notch. Everyone loves a night out, and a classier or more entertaining party can also provide a little reassurance that the company’s fate is secure and under control. Missing bonuses aren’t just a personal disappointment; they can also invite questions and anxieties about an employer’s financial footing.

Keep the Small Gestures Coming

Some expressions of employee appreciation cost almost nothing and still generate a lasting positive impact on workplace morale. Hand written notes of appreciation for each employee are a great place to start. Small, thoughtful gifts from managers to the members of their teams are another (consider supporting this initiative with company funds). And planned outings are almost always welcome, even inexpensive ones like mini golf or a Friday night at the movies.

This year, don’t let your lack of holiday funds interfere with workplace cheer and camaraderie. Contact the staffing pros at Expert for more tips on keeping your teams engaged and committed using non-monetary rewards.