2 In 3 Companies Plan To Offer Year-End Bonuses, Robert Half Survey Finds
Of Those, Nearly All Will Increase or Maintain Amounts From 2019
˗ Employers in Raleigh, Charlotte and Atlanta are most likely to give bonuses
˗ 27% of companies that suspended raises due to the pandemic anticipate reinstating them by year-end
The final weeks of 2020 may bring a nice surprise for many workers, new research from global staffing firm Robert Half shows. Two-thirds of senior managers surveyed (67%) said their company plans to award year-end bonuses. Of those respondents, 45% expect to give bigger bonuses than last year, and 46% foresee amounts staying the same.
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A Bonus Breakdown
Among the 28 U.S. cities in the survey, Raleigh, Charlotte and Atlanta have the highest percentages of employers planning to reward workers with additional pay. Bonus amounts are most likely to increase in Seattle, Atlanta and Indianapolis.
A separate survey of workers suggests the extra cash may be an unforeseen gift for some. While over half of employees (54%) said they’re expecting a year-end bonus, the other 46% noted they have no hopes of bringing home a larger paycheck this month.
“Organizations that pulled through 2020 know they couldn’t have done it without the hard work and dedication of their staff,” said 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.”
Raises Are in the Works
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.
McDonald added, “Many companies had to implement cost-cutting measures when the pandemic hit, including salary freezes. 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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