5 Ways for Small Businesses to Thrive this Holiday Season

Small or medium-sized business (SMB) owners may find the holidays to be a particularly stressful time. Combining holiday planning with running a business, taking care of employees, and organizing year-end profitability reports makes this time of the year challenging. American consumerism has progressively increased since the 1950s and post-World War II era, so they also know their employees are stressed about their holiday spending. 

Economists expect spending to increase this holiday season, even as small business owners are experiencing labor shortages. Holiday retail sales for 2021 may grow between 8.5% to 10.5% from 2020, according to the National Retail Federation (NRF). This year, Americans will spend $997.73 on gifts, holiday items, and other non-gift purchases, according to an annual survey by the NRF and Prosper Insights & Analytics. Also, this year about 90% of US adults will celebrate Christmas, Hanukkah, and Kwanzaa, up from 87% in 2020. However, this year, for one in ten Americans, inflation may dampen the holiday spirit, according to Bloomberg. 

We know that SMBs need support during the holiday season, and we want to help them prepare. In this article, we discuss how meeting employee expectations during the holidays and being considerate of where and how they shop can set small businesses up for long term success.

Happy employees help SMBs thrive during the holidays

As you already know, any business's employees are its most valuable asset. Their happiness is directly linked to the growth of the company. Making sure employees are satisfied can help small businesses thrive during the holidays.

So how can business owners keep their employees happy this holiday season? They can start by offering paid leave, amazing health benefits, and holiday pay. Let’s discuss each one below.

Offer top-notch health care benefits

About 38% of employees are more engaged when they have employers who care about their health benefits, according to a survey by Quantum Workplace. During the holidays, small and businesses experience staff shortages, so if an employee is sick, it could affect the whole company. Nice Healthcare makes getting care convenient with virtual appointments or home visits. A healthcare practitioner can meet employees at a convenient location — at home or even their workplace.

Small business owners can access best-in-class health care through Nice. Our healthcare benefits are affordably-priced and save time. With Nice healthcare benefits, they won’t have to choose between cost and quality, they can have both.

Give employees paid leave

A study by Dr. Patricia Stoddard-Dare and her co-authors published in the American Journal of Orthopsychiatry demonstrates that paid leave increases mental well-being. Employees without paid sick leave are 1.45 times more likely to report having distress symptoms. 

Small business owners may not be able to offer extended paid leave, but giving employees a minimum number of paid leave helps prevent stress on days when a spouse or child falls sick or during emergencies. On average, employers offer 13 to 26 days of paid time off (PTO). Employees should feel comfortable taking some paid leave during the holidays. And for those times when employees need extra time outside their paid leave, the Family and Medical Leave Act (FMLA) requires employers to provide 12 weeks of job-protected unpaid leave. 

Give holiday pay or incentives

In 2019, small businesses offered $0.78 per hour in holiday pay. Holiday pay is not a legal requirement, but it is something employees welcome with open hands. Some employers pay time and a half or double time for hours worked during holiday seasons. Others give gift cards or invite employees to in-house holiday parties. Offering some type of incentive can take away some of that holiday stress. 

SMBs can source and shop from other small businesses

In addition to ensuring that employees are happy this holiday season, business owners should also need to consider where and how they’re shopping. To maximize their return on investment (ROI), they must choose wisely when it comes to everyday purchasing. 

Two important reasons for making purchases as a small business are to add value and increase revenue. During the holidays, every purchase they make should be guided by these reasons. The majority of purchasing decisions should also favor employees. This connects back to employee satisfaction, which leads to increased ROI. 

Spend time enjoying the holiday season

Some small and medium-sized business owners feel like they can’t take a break. But taking time to enjoy the holiday season can be the best thing that happens to a business. Management needs to take time off as well so they can return feeling refreshed and ready to lead with energy.

If they can set things in place for employees all year round, including assigning paid leave, health care benefits, and holiday pay or incentives, they’ll have peace of mind and a jolly holiday season. Nice Healthcare supports SMBs all year round, especially during the holidays, by providing benefits that help your staff increase their productivity and well-being.