Over one third of companies are giving charitable donations as alternatives to bonuses, according to Accounting Principals.
Jacksonville, FL (October 25, 2017) – Accounting Principals, a leader in the staffing and recruitment of accounting and finance professionals, today released the results of its annual Holiday Bonus and Hiring Survey. The survey found that while bonuses are increasing in value by 66 percent this year, bonuses overall are becoming more scarce. This year, 63 percent of U.S. HR or hiring managers indicated that their company plans to give its employees a monetary holiday bonus, down from 75 percent in 2016. Those who get a bonus are seeing the average anticipated holiday bonus rise to $1,797, compared to $1,081 in 2016 and $858 in 2015.
The Accounting Principals Holiday Bonus and Hiring Survey polled more than 500 U.S. HR and hiring managers, and explored company holiday rewards and hiring trends. The survey results provide valuable insights for today's employers and job seekers as we enter the holiday season, and as the fight for talent becomes fiercer.
Although over one third of respondents noted their organizations were not planning to give out bonuses this year, many of these companies are still giving payouts to their employees in other forms. The biggest reason listed is that their company intends to provide other employee perks throughout the year (39 percent). For the first time, the second most popular reason listed was that companies are giving charitable donations in lieu of a bonus, with over one third (38 percent) of respondents noting their company plans to give donations on behalf of employees, compared to just 7 percent in 2016.
"Salaries are steadily increasing, but this year there is a steep decline in those planning to give out holiday bonuses," said David Alexander, president, Accounting Principals. "Employers are favoring non-monetary alternatives to reward their employees, or plan to give out bonuses at other times of year. There has also been a notable increase in organizations providing charitable donations in lieu of bonuses, as some organizations aim to align their goals and values closer to their employees."
No matter an employee's situation, HR and hiring managers say there are ways to increase your likelihood of receiving a bonus, such as:
"Employers who are giving bonuses, are being more generous with their payouts this year," added Alexander. "Employees who ask their boss directly for a bonus are twice as likely to be successful in that request than last year, so making proactive, bold moves in 2017 could pay off, but one always needs to approach these conversations with care."
The survey also examined how HR and hiring managers are approaching 2018 planning during the holiday season. Over half (59 percent) of respondents noted their typical hiring process lasts more than one month, compared to 46 percent in 2016. On average, 2017 is seeing an uptick in the overall length of the hiring process, now taking eight weeks, a full two weeks longer than in 2016.
While holiday bonuses and incentives are a good way to retain top talent, companies who take too long to choose the right candidate lose out on the potential for recruiting the best talent. To be successful long-term, HR and hiring managers must make the hiring process more efficient, while also offering year-end incentives like bonuses and extra paid time off during the holidays to keep these talented employees loyal.
To see the full survey results and corresponding materials, please visit: Accounting Principals Holiday Bonus & Hiring Survey.
The Accounting Principals Holiday Bonus and Hiring Survey was conducted by Wakefield Research among 500 U.S. HR or hiring managers, between August 25 and September 6, 2017, using an email invitation and an online survey. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.4 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
Accounting Principals is a leader in the recruitment and placement of accounting and finance professionals, offering a complete range of workforce solutions in accounting, finance, mortgage and banking. Our nationwide branch network consists of experienced professionals that average five years of real-world accounting experience plus more than five years of finance and accounting recruitment experience. In addition to providing clients with a combination of temporary staffing, temp-to-hire and direct placement services, Accounting Principles also helps clients overcome their challenges through an in-depth understanding of their business needs. For more information, please visit www.accountingprincipals.com.