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There might be something extra in your paycheck this month. A survey of 100 human resource executives, conducted by Challenger, Gray & Christmas, found that 64% of companies are planning to pay holiday bonuses this year, even though they're still worried about expenses in a market that remains difficult. We've clearly come a long way over the past 12 months. Hiring may not have resumed yet, but at least employers are showing that they appreciate their employees ... and are worried about losing them. At this time last year, only 54% were planning to toss a little extra to the staff for the holidays.
And, the bonus checks are getting bigger, at least for a few people. Eight percent of respondents indicated that they are amping up bonus pay, compared to none a year ago. But, 16% say they aren't paying bonuses this year, up from 13% in December 2008. Another 4% are cutting bonus check sizes.
"Companies are not quite ready to ramp up hiring, but they are beginning to see the light at the end of the tunnel," says John Challenger, CEO of Challenger, Gray & Christmas. "While most can probably justify postponing bonuses another year, there are growing concerns that job market improvements in 2010 could bring an exodus of workers." Most important, though, is the fact that better bonuses are showing that employers realize it's been a brutal year and that the perseverance employees have shown is appreciated.
Of course, employers aren't tossing money around in a carefree way. Challenger notes that many of these bonus checks are tied to company or individual performance -- 63% according to the report.
It's the holiday gesture that could make a difference when signs of recovery become evident. A recent survey by Deloitte found that two-thirds of manager are either highly or very highly concerned about talent turnover. According to Challenger, "Those who are just happy to have a job are usually the first ones seeking greener pastures at the first sign of improvement."
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