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With the year-end holiday season fast approaching, the one thing that’s on your employees’ mind is – will there be a holiday bonus this year?
According to the 2016 Holiday Bonus and Hiring Survey by Accounting Principals , 75% of HR and hiring managers polled reported their company is planning to give employees monetary holiday bonuses this year, up from 67% last year.
What’s more, this year’s annual bonuses might be even bigger – US$1,081 on average, compared to the $858 last year. Of the 500 U.S. HR and hiring managers surveyed, 29% revealed that their company is planning to give employees $1,000 or more in holiday bonuses.
Among those whose companies are not planning to give out monetary bonuses this year (25%), 39% revealed that employees would be given other perks, and 22% pointed out that their company offers bonuses at other times of the year.
According to 82% of HR and hiring managers, there are things employees can do to increase their likelihood of getting a bonus. This includes staying more motivated throughout the year (54%), being more positive and upbeat (45%), volunteering to take on additional job duties (34%), and reminding the company of their accomplishments (23%). Interestingly, 15% revealed that employees who asked their boss directly for a bonus were also more likely to get one.
“We’re seeing salaries increase across the board and it’s great to see that HR and hiring managers are continuing to recognise the efforts of their employees through holiday bonuses,” said Kim Gottschalk, senior regional vice president at Accounting Principals.
“Amidst the rise in demand for qualified candidates, employers have to get creative by offering perks that go beyond the salary. 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.”
Additionally, the survey revealed that that half (50%) of HR and hiring managers are already starting the recruiting process for the new year. 29% reported that they start the recruiting process for 2017 new hires in October, while 21% start it in November.
The reason for the early start – hiring managers estimate that their hiring process takes 6 weeks, on average with 50% feeling that the length of their hiring process has increased in the past year.
Photo / 123RF