Two-thirds of firms (67%) plan to reward staff with year-end bonuses, providing a nice surprise to end 2020, according to new research from Robert Half.
In fact, 45% of firms expect to give bigger bonuses than last year, with around 46% offering the same, despite cuts made by many companies as a result of the pandemic. The extra cash may be an unforeseen gift for many, especially struggling families, according to other surveys. While over half of employees (54%) said they’re expecting a year-end bonus, the other 46% have no hopes of bringing home a larger pay cheque this month, confirmed the global staffing firm.
“Organisations that pulled through 2020 know they couldn’t have done it without the hard work and dedication of their staff,” stated Paul McDonald, Senior Executive Director of Robert Half. “Personal recognition paired with a financial reward can go a long way to spreading gratitude during the holidays and retaining top performers in the future.”
BONUSES & PAY RISES FOR 2021
The research also revealed that more than half of senior managers surveyed (57%) said their company suspended salary increases as a result of the pandemic. However, of those, more than one-quarter (27%) anticipate reinstating them by year-end, and another 43% expect to do so during the first half of 2021.
“Many companies had to implement cost-cutting measures when the pandemic hit, including salary freezes,” added McDonald. “While employers continue to keep a close eye on their budget, it’s encouraging to see bonuses and raises as we head into the new year.”
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