A record low number of US workers will get holiday bonuses this year. According to an annual survey done by Hewitt Associates just 24% of companies will be handing out year-end cash. That’s down from 42% a year ago. But there is a silver lining. Although companies may not be handing out extra money, they do plan to give raises next year and do some more hiring, according to the Wall Street Journal.
So who are the lucky few getting holiday bonuses? Researchers say it’s the top performers. Most bonuses– 63% in fact– are now being handed out based on job performance and success with the median bonus being about $250. But not only are not as many bonuses being handed out, but fewer companies will be throwing a Christmas party. The same survey discovered that 60% of companies will host a holiday party. That’s down from 71% a year ago. They’ll be spending less on that big bash as well with the median being $15,000, down from $19,000 in 2008.
Even before the economy went south, I never worked for a company that handed out much in the way of year-end bonuses. One December I was given an over-sized Hershey’s chocolate bar along with a hand shake from the company president. And another year the higher-ups gave us coffee mugs. The best Christmas bonus I received was $25 from a company who handed out extra checks based on the number of years you’d been with the company. Are you expecting a holiday bonus this year? If so, what do you think you’ll spend it on?