Two-thirds of HR and hiring managers (67%) reported their company plans to give monetary holiday bonuses this year, according to a new survey conducted by staffing and recruitment firm Accounting Principals.
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.
Key insights from the survey include:
- Money isn't everything. Of those not planning to give monetary bonuses this year (33%), 27% indicated they plan to give their employees other perks or offer bonuses at other times of the year (23%).
- Gear up for the holiday party. The majority (92%) of respondents indicated that their company plans to offer perks this holiday season, with a holiday party emerging as the most popular choice (64%). Other ways companies plan to celebrate the holidays this year include collecting toys or money for charitable donations (36%), giving employees non-monetary gifts (35%), organizing a gift exchange among employees (33%), giving employees additional paid time off (30%), and giving employees a flexible work schedule (24%).
- Work for your bonus. Eighty-one percent of HR and hiring managers noted that employees could take action to increase their likelihood of getting a holiday bonus this year. How? Fifty-four percent of respondents indicated this could be done by staying more motivated throughout the year, followed by being more positive or upbeat (43%), volunteering to take on more job duties (32%), reminding the company of their accomplishments (22%) or asking their supervisor for a bonus directly (13%).
"With the economy performing at a more steady level, holiday bonuses are once again a great way for employers to recognize the efforts of their hardworking staff and spread good cheer," said Kathy Gans, senior vice president of Accounting Principals.
"In today's candidate-driven job market, we find that employers are embracing new and creative ways to promote their company culture and attract and retain talent.
"Companies that offer other perks beyond salary, such as holiday bonuses, extra paid time off, or flexible work schedules, are more likely to retain their talent than those solely focused on salaries."
The survey also revealed that contrary to popular belief, 94% of HR and hiring managers recommend that job seekers keep up their search through the end of the year.
"Candidates may have more luck actively pursuing a new position during the holidays instead of waiting until January, when the rest of the talent pool makes the decision to switch jobs," continued Gans.
"More than ever before, employers are indicating the need to hire year-round, and gone is the hard-fast rule that there are no job openings during the holiday season."