What will you do with your year-end bonus? Some employees may not even be sure they’ll get one. But according to a new survey, more companies are planning to dole out holiday bonuses this year than last — and they’ll be doing so in larger amounts, too.
The 2016 Holiday Bonus and Hiring Survey from Accounting Principals, a staffing and recruitment firm for finance professionals, indicates that 75% of employers will offer cash bonuses for their employees, up from 67% last year. The average dollar amount is said to be $1,081, also an increase from last year’s $858 average.
“We’re seeing salaries increase across the board, and it’s great to see that HR and hiring managers are continuing to recognize the efforts of their employees through holiday bonuses,” said Kim Gottschalk, senior regional vice president at Accounting Principals.
This year’s survey drew its results from 500 hiring managers in a range of industries, with 300 working at firms with 500 or fewer employees. Distributions were evenly split between bonuses budgeted at $500 or less and those projected at $500 or more. Many workers might use that money to spend on a family vacation, which 37% of households say makes them happy, or they might put it towards retirement or “rainy day” savings.
Among those hiring managers surveyed who did not plan to give holiday bonuses, 22% said they give bonuses at other times of the year and 39% said they offered different kinds of non-monetary perks. Only 11% said that financial circumstances prevented them from offering bonuses.
“Amid the rise in demand for qualified candidates, employers have to get creative by offering perks that go beyond salary,” said Gottschalk. “While issuing holiday bonuses is an excellent way to reward employees and help attract top talent, we’re also seeing employers that are offering extra paid time off during the holidays, which goes a long way in increasing morale and attracting new employees.”
04Nov
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