When we think of bonuses, we often think of end of year, maybe Christmas. But bonuses can come at any time and in forms other than cash.
For example, bonuses can be given for a job well done at the completion of a project and the bonus doesn’t have to be cash either.
- Gift cards
- Travel vouchers
- Stock options.
While cash is usually the most sought after option, many employees realize that cash is taxed. If they’re planning to use the bonus for savings or entertainment anyway then other options might be better.
Non-cash bonuses are not just good for the employee but employers can usually get gift and travel vouchers at a reduced bulk rate. This helps employers save money on bonuses so they can give out more of them.