A survey from Robert Half showed that in December 2020, 48% of senior managers surveyed said their company plans to award year-end bonuses. Of those respondents, 27% were expecting to give bigger bonuses than last year, and 59% foresee amounts staying the same.  

A separate survey of workers suggests the extra cash may be an unforeseen gift for some. Just 28% of employees said they’re expecting a year-end bonus while the 73% noted they have no hopes of bringing home a larger paycheque in December.

“[2020] 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.”

Raises Are in the Works

The research also revealed that 48% of senior managers surveyed said their company suspended salary increases as a result of the pandemic. However, of those, 12% anticipate reinstating them by the end of 2020, and another 36% expect to do so during 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.”   

For more information on compensation and hiring trends, download the Robert Half 2021 Salary Guides. 

Source: Robert Half