A Christmas party sounds nice, but a holiday bonus is definitely better. After all, who doesn’t like money?
While employees would rather get a bonus than have a Christmas party, how many companies are generous enough to give their staff the huge bonus they’re eyeing?
According to a new survey by Accounting Principals, employees can expect to get an average holiday bonus of $858 this year. That is, if their company is planning to give out a bonus in the first place.
Unfortunately, only two-thirds (67%) of the more than 500 HR and hiring managers surveyed revealed their company has plans to give out monetary holiday bonuses this year.
Are you planning to give your employees a holiday bonus this year? Tell us your answer here.
Of those not giving holiday bonuses (33%), about a quarter (27%) indicated they plan to give staff other perks, while others indicated that they plan to offer bonuses at other times of the year (23%).
To increase the chances of getting a bonus, 81% of HR managers noted staff can take action such as staying more motivated throughout the year (54%), followed by being more positive or upbeat (43%).
At the same time, staff who volunteer to take on more job duties (32%), remind the company of their accomplishments (22%) or ask their supervisor for a bonus directly (13%) would be more likely to get a bonus.
“With the economy performing at a more steady level, holiday bonuses are once again a great way for employers to recognize the efforts of their hardworking staff and spread good cheer,” said Kathy Gans, senior vice president of Accounting Principals.
“Companies that offer other perks beyond salary, such as holiday bonuses, extra paid time off, or flexible work schedules, are more likely to retain their talent than those solely focused on salaries.”
Other than bonuses, almost all respondents (92%) indicated their company will be offering holiday perks, with the most popular perk being a holiday party (64%).
Some other ways companies are planning to celebrate the holiday season include collecting toys or money for charitable donations (36%), and giving employees non-monetary gifts (35%).
Other popular initiatives include organising a gift exchange among employees (33%) [think: Secret Santa], giving employees additional paid time off (30%), and giving employees a flexible work schedule (24%).
Surprisingly, the survey also found that instead of the start of the year, candidates are more likely to land a job during the holiday season, as revealed by 94% of the candidates.
“Candidates may have more luck actively pursuing a new position during the holidays instead of waiting until January, when the rest of the talent pool makes the decision to switch jobs,” continued Gans.
“More than ever before, employers are indicating the need to hire year-round, and gone is the hard-fast rule that there are no job openings during the holiday season.”
Here’s an infographic of the full findings: