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Our budget is minimal, so we forego the whole thing. We tried last year, and it was met with such disdain that we are not going to try again. Better to offer nothing than something everyone finds offensive.
Do you normally offer any type of discount?
I worked for a company that offered all employees a "10% over cost" discount all the time. It was very popular.
So popular, in fact, that it started getting abused, badly. First, certain products were taken off the discount, then the entire discount was changed (10% off retail), and that cost them quite a few associates.
They also did a store gift card as a Christmas bonus. EVERY employee got one. Even a part timer who started a week before got a $10 gift card. It went up from there, and store managers got a pretty significant amount.
Then the company went public, and the auditors got involved. They found out these gift cards were taxable, so they had to be added to the payroll, and taxes withheld. There was such an uproar. They decided to give everyone cash, instead, then the next Christmas this disappeared. (Store managers did get their Christmas bonus added to their base pay)
So, it's great to try to find an incentive, and there are probably a lot of people who can post what they didn, but also be aware, no matter what you do, some people will not be happy with it, and/or abuse it.
We do 25–40% off storewide or limited “extra 20% off clearance” during key weekends. We also add “employee friends & family days” or early access sales to make it feel special without hurting profit margins.