For many workers, 2017 will end on an extra merry note. According to new research from global staffing firm Robert Half, more than half of senior managers surveyed (51%) said they expect year-end bonus levels to be at least somewhat higher than 2016. Just 10% of respondents reported bonus amounts will decrease, and 39% anticipate no change in bonuses.
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Senior managers were asked, “Do you expect year-end bonus levels to be higher or lower than last year?” Their responses:
|
Much higher |
9% |
|
Somewhat higher |
42% |
|
No change from last year |
39% |
|
Somewhat lower |
7% |
|
Much lower |
3% |
|
100% |
Separate Robert Half research found workers’ performance only partly determines their bonus. In the survey, just 16% of human resources (HR) professionals reported bonuses are based solely on individual work, compared to 27% who said amounts are influenced by employee and company results. Another 22% said they factor individual, team and company success into bonus decisions.
“Bonuses are a key recruiting and retention tool, especially with the intense competition for top performers,” said Paul McDonald, senior executive director at Robert Half. “If budgets are tight, other ways to recognize exceptional work at the end of the year include gift cards, a department celebration or additional time off for the holidays.”
McDonald added, “To enhance their chances of securing in-demand candidates near year-end, particularly in today’s hiring market, savvy companies are offering job seekers a sign-on bonus to offset a performance bonus they would have received from their existing employer.”
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Tags: Payroll
