What are employers planning to give for holiday bonuses this year? And what do employees prefer if given a choice? Results of a new Express Employment Professionals survey reveals what employers are planning to gift their workers and what the employees really want.
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However, results of the survey of over 300 businesses and 800 employees reveal some differences when it comes to what form of “thank you” is given.
What employers are giving
According to the poll of businesses taken in July, almost a quarter (23%) of employers planned to offer cash, and 13% will hand out gift cards. Others said they will give employees extra days off (3%), tangible gifts (2%), or raises in pay (1%). An additional 18% say they will give some combination of benefits.
Also, 39% reported that they will not be giving holiday bonuses this year.
"Of course, not every company is able to give bonuses. For many, the simple cost of doing business and the uncertainty of the future has been increasing lately,” says Funk. “Not giving a bonus doesn't necessarily make an employer a Scrooge; it may reflect the still-difficult business environment.”
What employees want
Employees were asked on the survey what type of bonus they would prefer. A combination of benefits topped the list at 45%, while 22% wanted cash, and 21% desired a pay raise, something only 1% of employers indicated they were giving.
Nonmonetary gifts were not popular with workers, with only 8% choosing extra days off, 3% choosing gift cards, and 1% choosing tangible gifts.
Regardless of the situation, emphasizes Funk, “every employer should take the time this holiday season to make sure their employees know they are valued and appreciated."