Holiday Bonuses are Becoming More Scarce
Are you getting a holiday bonus? They are becoming scarce these days, according to a report from staffing and recruitment firm Accounting Principals.
Accounting Principals has released the results of its annual Holiday Bonus and Hiring Survey.
The survey found that while bonuses are increasing in value by 66 percent this year, bonuses overall are becoming more scarce.
This year, 63 percent of U.S. HR or hiring managers indicated that their company plans to give its employees a monetary holiday bonus, down from 75 percent in 2016.
Those who get a bonus are seeing the average anticipated holiday bonus rise to $1,797, compared to $1,081 in 2016 and $858 in 2015.
The Accounting Principals Holiday Bonus and Hiring Survey polled more than 500 U.S. HR and hiring managers, and explored company holiday rewards and hiring trends.
The survey results provide valuable insights for today’s employers and job seekers as we enter the holiday season, and as the fight for talent becomes fiercer.
Companies Say They Are Not Paying Bonuses, But Only to Pay for Other Perks
Although over one third of respondents noted their organizations were not planning to give out bonuses this year, many of these companies are still giving payouts to their employees in other forms.
The biggest reason listed is that their company intends to provide other employee perks throughout the year (39 percent).
For the first time, the second most popular reason listed was that companies are giving charitable donations in lieu of a bonus, with over one third (38 percent) of respondents noting their company plans to give donations on behalf of employees, compared to just 7 percent in 2016.
“Salaries are steadily increasing, but this year there is a steep decline in those planning to give out holiday bonuses,” said David Alexander, president, Accounting Principals.
“Employers are favoring non-monetary alternatives to reward their employees, or plan to give out bonuses at other times of year. There has also been a notable increase in organizations providing charitable donations in lieu of bonuses, as some organizations aim to align their goals and values closer to their employees,” Alexander said.
No matter an employee’s situation, HR and hiring managers say there are ways to increase your likelihood of receiving a bonus, such as:
- Staying more motivated throughout the year (56 percent, compared to 54 in 2016)
- Being more positive or upbeat (49 percent, compared to 45 in 2016)
- Volunteering to take on additional job duties (42 percent, compared to 34 percent in 2016)
- Reminding the company of their accomplishments (42 percent, compared to 23 percent in 2016)
- Asking their boss for a bonus directly (33 percent, compared to 15 percent in 2016)
Hmmm, so the perky (and self-promoting) employee gets the perks? Seems so.
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