Not Receiving a Holiday Bonus This Year?
A new survey indicates a holiday bonus tops employees’ wish lists this year. However, only about a quarter of companies will be delivering on the extra holiday pay this season.
According to the 2018 Holidays at Work Survey, only 26 percent of respondents say their companies will be issuing bonuses this year. Also, just 46 percent will receive any sort of holiday bonus or monetary gestures of goodwill this year. Furthermore, most of those who get a holiday bonus will be receiving less than $500.
Consequently, it’s no great surprise that only 36 percent of employees described their companies as “generous” during the holidays. Most respondents (52 percent) characterized their workplaces as “business as usual” for the holidays. And, 13 percent said their organizations were outright “stingy” this time of year.
Research Now SSI’s survey of more than 1,000 workers found that 41 percent of employees named a holiday bonus as the number one item they would like from their organizations for the holidays. Remarkably, 20 percent of respondents declared that they didn’t want anything extra for the holidays from their companies, indicating that they “love their company and job.” So, other than the coveted holiday bonus, how will companies be spreading good cheer this holiday season?
Employees cited the following seasonal perks:
- Holiday party (36%)
- Extra time off (28%)
- Holiday bonus (26%)
- Office closure between Christmas and New Years’ Day (22%)
- Company-paid holiday meal (18%)
- Employee gift exchange (18%)
Companies Giving Back to Communities Rather Than Employees
The survey found that companies were withholding bonuses and giving back to communities in equal measure. Forty-six percent of employees said their organization will be giving back to the communities for the holidays. The top charitable activity this year will be food/toy/closing/other drives at 51 percent. Company volunteer events came in at 18 percent. And, adopting a needy child or family accounted for 15 percent of organizational charitable giving.
Spherion Staffing Services commissioned the survey. The group concluded that the upward trend toward charitable giving and paid time off is indicative that recruiting and retention strategies are evolving to accommodate worker values and priorities.
“Employers are listening more to employees’ desires to work for a company that advocates for causes they care about,” said Spherion Division President Sandy Mazur. “We also saw this reflected in our 2018 Emerging Workforce® Study, which showed that 46 percent of companies surveyed offered paid time off this year for community service versus 26 percent who did so in 2015. Our Emerging Workforce Study also showed that 63 percent of employees surveyed only want to work for companies that contribute to communities they care about and help better the world. This is one example of a new range of factors that impact recruiting and retention.”