Reports suggest most firms offer year-end cash rewards but some employees will miss out
As the end of the year fast approaches, many Canadians will be hoping to see a larger pay cheque thanks to their year-end bonus; and many know what they will do with it.
But two surveys released this week show that despite most workers preferring a financial reward rather than other options, there will be widespread disappointment.
ADP Canada says that, of the respondents to its poll, 54% would like a holiday bonus but just 15% expect to get one this year.
Employers are more likely to offer a staff party (40%) although just 22% prefer this; a holiday gift (16%) which 23% favoured; or extra time off (14%) which 28% of employees would prefer.
A third of employers offer no holiday reward at all and curiously 11% of respondents would prefer that.
Respondents in Atlantic Canada are more likely to receive a cash bonus than those elsewhere in Canada (23% vs. 15% national average).
Increases for some
Employers surveyed by Robert Half Canada appear to be more generous, with 64% of senior managers saying their firm offers year-end bonuses.
Most workers can expect to receive the same as last year (64% od managers said there would be no change) while a lucky third will receive more this year; 3% will receive less!
Among a separate survey of professionals, the firm found that 27% are expecting a bonus this year with 47% planning to use the windfall to reduce debt, 44% will add it to long-term savings, 26% will spend on a vacation in the new year, and 18% will use it for holiday shopping.
"While offering robust benefits and perks remains important, workers also value rewards that give them the financial flexibility to do what matters most to them," said David King, senior district president for Robert Half.
He added that bonuses are a chance for firms to show that staff are appreciated and that employers understand the priorities of their workers.
