Christmas bonuses for staff

[YourFavoriteAgent]

Hi All,

Just curious what other Principals use to calculate Christmas/EOY bonuses for their staff in a primarily P&C agency? How do you measure performance for your CSRs vs Producers? Any feedback would be greatly appreciated!

 

[adjusterjack]

I say give the bonuses only to the CSRs. The producers are rewarded by their commissions and probably making a lot more money than the CSRs and the CSRs do all the work.

 

[LeeV]

If it is a "Christmas" bonus as opposed to performance, I would give each person the same amount.

 

[LostDollar]

Caveat, not an agent.

In two different manufacturing companies (of 200-300 employees) where I used to work, Christmas bonuses were based on length of employment.

As an example, say $50 for 0-5yrs, $75 for 6-10 yrs, $100 for over 10 yrs. Not sure what kind of income and income tax reporting requirements you get into with the cash bonuses. Might want to consult with your payroll or tax advisor about that.

 

[tikibarrister]

As an example, say $50 for 0-5yrs, $75 for 6-10 yrs, $100 for over 10 yrs. Not sure what kind of income and income tax reporting requirements you get into with the cash bonuses. Might want to consult with your payroll or tax advisor about that.

It’s normal taxable income.

Gift cards and such also count as normal income.

 

[adjusterjack]

The company I worked for didn't give us Christmas bonuses. The year end bonus was based on a combination of the company profitability and our performance and usually ran to a few thousand dollars. I retired at the end of August 2006 and never thought about the bonus one way or the other. Just completely slipped my mind. Imagine my surprise, shock, and elation the following March when I got a $3500 bonus check in the mail.