Despite a tough year for many businesses, year-end bonuses are planned by most
Many Canadian workers are in line for a bonus as 2020 comes to end according to a new survey.
Almost half of the senior managers polled by Robert Half Canada said their firm plans to award year-end bonuses this year with 59% maintaining last year’s level and 27% paying out more.
This will be an unexpected surprise for many with just 23% of workers believing their paycheque will be boosted.
"This has been a difficult year for Canadian businesses and many attribute their survival to the hard work and dedication of their employees," said David King, Canadian senior district president of Robert Half. "Along with offering managers an opportunity to recognize the accomplishments of their staff members, year-end bonuses can also help organizations engage and retain their top talent."
Although in a typical year bonus payments may be used to pay down debt, for investments, or spent, for many the extra dollars will be essential in a year where many have suffered income reduction.
Salary increases have been frozen by firms represented by almost half of survey respondents, although 12% are expecting raises to return by year-end with another 36% expecting this in the first half of 2021.
"Companies have had to make tough budget decisions over the past several months, including placing salary increases on hold," added King. "The fact that some managers plan to reinstate raises in early 2021 will be very welcome news for professionals as we head into the new year."
