2020: A YEAR LIKE NO OTHER
Posted on Dec 21, 2020 on Featured, Tips of the Month by
December 21, 2020
Usually, around this time of year, we like to reach out to our clients and remind them of the issues created when hosting the infamous holiday party. We address matters like ensuring employees are not overserved and that they have a safe ride home, making sure attendance is voluntary and liability insurance is up to date. But since this year is anything but “usual” we thought we would do something a little different (click here to read a prior Brody and Associates article on holiday party do’s and don’ts).
This year was like no other in our lifetime. No way around it. Our clients suffered personally and professionally. But with the New Year, we have new hope. The second COVID-19 vaccine was just approved in as many weeks and the Federal Government is about to sign into law a new stimulus package. So there is hope, both for our health and our economy. We just need to hang in there – wear our masks, social distance and fight on.
With that said, we would like to remind our clients, this year especially, how important it is to show your employees how much they are valued. This can be done with a simple personalized thank you or a nominal show of gratitude like an individually wrapped treat for those who come in to the office. Some personal way to say thank you is key at times like these. Beyond this, you can remind them how much you value them by showing your economic commitment to them. Assuming COVID hit your business economically, remind them that you were able to keep their job – unlike so many who lost theirs. Maybe you were able to protect most or all of their pay (and bonuses)!
Beyond these things which they know but may forget, this might be a good time to show every employee a comprehensive compensation summary. Employees receive compensation in many forms, many of which they themselves may not recognize, remember or appreciate their full cost. Benefits like heath care, paid time off, matching 401(k) contributions, school reimbursement, and more are all significant costs which are not directly reflected in employees’ paychecks. To make this point, consider preparing a compensation summary highlighting these items and their costs. This document can be distributed to employees now or early in the New Year as a year-end summary and a way to kick the New Year off right. This way, in dollars and cents, employees can appreciate the full value of their employment and the costs you incurred in employing them during 2020 in a way their wages by themselves do not fully represent. Regardless of what you choose, just make sure your employees hear how much you value them.
We wish everyone a happy holiday season and good health in the New Year. Let’s hope it is a good and prosperous one for us all!