Nearly 80 percent of employers are giving workers some kind of a holiday bonus or gift this year.
Challenger Gray & Christmas says its survey of human resources professionals found 78 percent of companies planned to hand out bonuses, up from 53 percent last year. Twenty-two percent of companies were increasing their bonuses compared with last year.
“Employers across the country have picked up the pace of hiring this year. As the pool of available talent gets shallower, it is critical that companies not overlook the importance of retention,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas. “The need to keep the talent they already have, is undoubtedly a driving factor behind the increased percentage of employers awarding year-end bonuses.”
How much are the bonuses? Half of the companies are giving cash bonuses based on company, department or personal performance. Bonuses at the other companies probably $100 or less and might be cash, gift cards or a gift, the survey found.