A real-estate company has divided £8million between nearly 200 of its employees as part of the company’s Christmas bonus.
The generous award, when divided, amounted to roughly £38,000 – a gift that was revealed to the employees at the real-estate company St John Properties’ annual Christmas dinner.
A video of the event shows bosses at the company handing out red envelopes to employees during the dinner.
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The bonuses were given to employees based on the length of time they had worked at the company and were mainly due to this year’s targets being met – the firm developed a 20million square foot office and retail space.
In a speech to the real-estate firm’s employees, the company’s Chairman John told his workforce that he wanted to treat them in a “big way”, before explaining: "I'm thankful for every one of our employees, for their hard work and dedication.
“I couldn’t think of a better way to show it. I may steer the boat, but they're the ones that run the boat. They are the ones that make the boat go. Without the team, we are nothing."
Employees who received the bonus described it as “magical” and “life-changing”.
The importance of rewards
Recent research revealed that 83% of the UK workforce would have preferred to receive a Christmas bonus over having a festive party with colleagues.
The cost-of-living crisis has changed what employees currently want from work, many of them prioritising rewards, such as bonuses, over more historically conventional ‘treats’ such as Christmas parties.
Beyond this, employers rewarding their staff has many positive effects on employee experience, increasing retention and loyalty.
Danni Rush, COO Virgin Incentives, Virgin Experience Days and Virgin Gifts, says: "The fact is, employers should be ensuring that they reward employees all year round; this can not only ensure happy and motivated employees, but can improve staff retention, which at a time of high employee turnover rates helps maintain stability and keep costs low. Rather than needing a higher budget for new employee hiring, employers can set aside funds to use for gifting and rewards.”