More Companies Plan to Give Bigger Year-End Bonuses This Year: Survey Reveals

October 25, 20168:49 am426 views

Three-fourths of HR and hiring managers (75 percent) reported their company plans to give employees monetary holiday bonuses this year, up from 67 percent last year, according to the 2016 Holiday Bonus and Hiring Survey by Accounting Principals, a leader in the staffing and recruitment of accounting and finance professionals.

What’s more, annual bonuses might even be bigger this year. In 2015, companies planned to give employees $858, on average. This year, that number has risen to $1,081, with 29 percent of companies planning to give employees $1,000 or more.

The Accounting Principals Holiday Bonus and Hiring Survey polled more than 500 U.S. HR and hiring managers, and explored company holiday celebration and hiring trends. The survey results provide valuable insights for today’s employees and job seekers as we enter the holiday season.

Of those not planning to give monetary bonuses this year (25 percent), 39 percent indicated they plan to give their employees other perks, or offer bonuses at other times of the year (22 percent).

According to 82 percent of HR and hiring managers, there are things employees can do to help increase their likelihood of getting a bonus, such as:

  • Staying more motivated throughout the year (54 percent)
  • Being more positive and upbeat (45 percent)
  • Volunteering to take on additional job duties (34 percent)
  • Reminding the company of their accomplishments (23 percent)
  • Asking their boss directly for a bonus (15 percent)

See: 5 Unique Bonuses That Employees Prefer than Year-End Bonus

“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.

“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.”

The survey also revealed that half (50 percent) of HR and hiring managers reported that they start the recruiting process for 2017, new hires in October (29 percent) and November (21 percent).

“For those looking to explore different opportunities in the New Year, the time is now,” said Gottschalk. “Employers are getting a jump start on hiring for 2017 and more than half (54 percent) will complete the process within two to four weeks. Don’t wait until January to begin your search, when only 15 percent of HR and hiring managers start their recruiting process. We encourage job seekers to contact recruiters now while the opportunities are fresh and they have a head start on their competition for 2017.”

Also read: A Valuable Strategy: Salary Transparency

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