Rewarding Employees & Giving Back to Your Local Community

Key Findings and Statistics

• Bank of America 2016 Small Business Owner Report Data:
  • 30% of entrepreneurs reported making at least one personal financial sacrifice to offer holiday perks to employees.
  • 62% of small business owners noted that local residents actively shop at their businesses.
  • 67% of entrepreneurs donate to local charitable and non-profit organizations during the holiday season.
• Economic Outlook Shifts:
  • Pre-election optimism among small business owners was described as "lukewarm" due to inherent election uncertainty.
  • Post-election data indicates an uptick in optimism and certainty as business owners anticipate moving forward.
  • Real-time indicators of economic movement include full restaurant reservations and increased construction activity in local cities.

Employee Perks and Retention Strategies

• Planning and Budgeting:
  • Small business owners should allocate funds monthly throughout the year to avoid cash crunches when providing year-end rewards.
  • Sharon Miller emphasizes that planning ahead is critical to implementing perks without compromising business stability.
• Effective Low-Cost Perks:
  • Paid Time Off: Offering extra vacation days or ensuring parties do not require employees to "make up the time" (a practice Steve Strauss identifies as detrimental).
  • Hiring Temporary Help: Bringing in staff to allow regular employees to shop or attend family events.
  • Office Services: Setting up gift-wrapping stations within the office to save employee time.
  • Monetary Bonuses: Offering modest financial bonuses when financially feasible, as employees value the gesture even if amounts are small.
• Flexibility as a Strategic Advantage:
  • Small businesses can leverage inherent flexibility in when, where, and how work is performed.
  • Remote Work: Allowing employees to work from home saves commuting time, which they can redirect to personal holiday obligations.
  • Cost Savings: Remote work options can reduce real estate expenses by lowering the required office footprint.
  • Talent Acquisition: Flexibility enables hiring top talent outside of the immediate geographic region who cannot or will not relocate.
  • Productivity Outcomes: Studies cited by Callie Williams-Yost show that employees with flexibility and work-life fit are more productive and loyal, not necessarily working fewer hours.

Community Engagement and Culture Building

• Mutual Benefits of Giving:
  • Engaging locally strengthens the community, which in turn supports the business.
  • Creating a culture of giving attracts and retains Millennial and Gen Z talent who prioritize mission-driven organizations.
  • Positive community involvement enhances customer loyalty and brand reputation.
• Implementation Criteria:
  • Selection Methods: Allow employees to choose specific causes to volunteer for, or have the team collectively commit to one organization for the year.
  • Ongoing Commitment: Establish long-term partnerships with non-profits rather than one-off holiday gestures to foster continuous team building.
  • Reciprocity: The model relies on a reciprocal relationship where businesses invest in local economies and receive support in return.
  • Flexible Scheduling: Volunteer work should be integrated into business hours where possible, rather than strictly on personal time.

Forward-Looking Resolutions for 2017

• Strategic Growth Initiatives (Steve Strauss):
  • Diversification: Create a new profit center to avoid business ruts and stagnation.
  • Marketing Innovation: Develop new marketing strategies to reach new audiences rather than repeatedly targeting existing ones.
  • Client Deepening: Leverage existing high-value clients for upselling, repeat purchases, and referrals.
• Operational Resolutions (Callie Williams-Yost):
  • Leverage Flexibility: Formalize flexible operating models to save costs and expand talent pools.
  • Avoid Burnout: Maintain control over work-life boundaries to ensure flexibility does not lead to employee exhaustion.
• Planning and Adaptation (Sharon Miller):
  • Business Plan Revision: Revisit and update business plans to align with the post-election economic reality; flexibility in the blueprint is essential.
  • Local Investment: Continue to invest time, talent, and money into local communities as the economy's lifeblood.
• Personal Well-being (Steve Strauss):
  • Individual Action: Business owners should commit to at least one meaningful personal activity during the holidays to prevent burnout.