Raise vs. Bonus – Which Is A Better Option For Your Employees?

Home » Raise vs. Bonus – Which Is A Better Option For Your Employees?

Employees are the backbone of the company–from creating the product or providing a service, to ensuring satisfied customers, your employees represent the company as a whole. As the holidays and the new year approach, it provides an opportunity to thank your employees for all of their hard work throughout the year.

What is the difference between a bonus and a raise?

A bonus is an additional sum of money employers may offer for a variety of reasons while a raise is an increase in your usual base pay or salary. Suggested amounts for a bonus can range anywhere from 3% of an employee’s yearly average pay, to the equivalent of a normal check, or beyond depending on what the company can afford and what the employee has earned by their performance. Raises are normally determined based on the workload, position, and requirements. 

Indeed has provided a list for when a bonus vs a raise is appropriate:

Bonus

  • Attracting new employees
  • Retaining employees
  • Reward additional responsibilities
  • Motivate performance

Raise

  • Compensate for a promotion
  • Reward additional responsibilities
  • Promote internal advancement

A company that fails to provide either a raise or a bonus to hardworking staff can be detrimental to your business. Setting aside contractual obligations, this lack of additional financial compensation for a job well done can lead to lackluster performance and disgruntled employees. Providing positive feedback and personally thanking employees can only go so far.

Ideas that have been appreciated in the past such as hosting a sponsored company lunch or dinner can seem disrespectful to employees that have gone above and beyond their job requirements all year long without also offering a bonus/and or raise. Having employees who are trustworthy, happy, and outstanding performers are essential to a healthy work environment and a successful future. Compensating these employees for their hard work will only encourage top talent to stay put, and continue giving top-level effort to keep their position.

Inflation has also impacted everyone in one way or another, and while your company may have taken a hit as well, keep in mind, your employees have also been affected. Compensating your employees is a large part of Investing in your own company.

Bottom line, according to Investopedia, “ Giving a bonus can keep an employee, but offering a permanent raise really shows them you care. If done at the right time, this can be the difference between an employee staying or leaving. Oftentimes, a bonus can cost less than the investment required to hire and train a new employee, so keeping the solid performers is paramount.”

Conclusion

Could your business use support in deciding what makes the most sense for the company’s bottom line while also keeping your top talent happy? Contact us at Klein HR Solutions 305-775-5640 or email: [email protected].

Resources:

https://www.investopedia.com/articles/personal-finance/092915/raise-vs-bonus-your-small-business-employees.asp

https://www.indeed.com/career-advice/pay-salary/bonus-vs-raise

https://www.glassdoor.com/blog/raise-instead-of-bonus/

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