The past year has affected everyone in multiple ways. Health is always the number one concern for people, but money is likely a close second (or maybe a first). Job numbers have not been good, to say the least, especially in the hospitality and food service industries. Lockdowns and distancing have made those sectors the wallflowers of the economy.
However, there are those industries that have thrived, and that are offering employees bonuses. Yes. Bonuses — during a pandemic.
Several, including the country’s top banks, have thanked their staff for a year of hard work with year-end bonuses — and some are even topping up the amount. An online survey of 600 senior managers from companies with 20 or more employees in Canada revealed 48% are offering year-end bonuses this year.
The survey conducted for two weeks ending the first week in December by consulting firm Robert Half and research company Dynata also showed that 27% are increasing bonuses this year, 59% will keep them the same as previous years and 14% will reduce them.
“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.”
In addition, the research showed that almost half of the senior managers surveyed (48%) said their company suspended salary increases as a result of the pandemic. However, of those, 12% anticipate reinstating them by year-end, and another 36% expect to do so during the first half of 2021.
So, while getting back to normal and having an economy that runs as it did pre-pandemic will take time and effort, at least some managers, in some industries, are looking to the future when salary increases can return. It is a small light at the end of a very dark tunnel but it is better than nothing.