Do any of you offer your manager a year end / Christmas bonus? If so, how do you calculate it?
I do not. If you keep your wages competitive there is no need for bonus rewards or incentives. Fair compensation is sufficient.
Everyone likes to feel appreciated, and often it is the recognition that means as much as the compensation. I have typically given something in the past- nothing too extravagant, usually gift cards or cash, with a thank you note, more for the “good will” effect then a large monetary gain. I have given 50-400 depending on the amount of time working together and the success of their management.
This year I started an incentive based on quick turn around or bring new homes online- started in October and will be paid December 20th. I also included a bonus to the maintenance personnel (50% of manager earned bonus) to keep everyone pulling ion the same direction. Very effective actually.
Thank you both for your replies.
We have calculated bonuses on occupancy level over a certain percentage. Historically $20 for every percentage point over 85% and we send gift cards that can be purchased at Staples.com for an additional 5% back from our Chase business card.
My manager has gone above and beyond on pretty much any metric you can think of. I am definitely giving him a bonus this year in the 400-1000 range. Nothing crazy, but nice nonetheless.