'Many companies attribute their survival to the hard work and dedication of their employees'
Despite the ongoing uncertainty around COVID-19 and the future of work, nearly half of Canadian companies plan on offering end of year bonuses to their staff.
Research released this morning by Robert Half found that 48% of senior managers are going ahead with year-end rewards – with 27% of them giving even bigger bonuses than they did in 2019.
“This has been a difficult year for Canadian businesses and many attribute their survival to the hard work and dedication of their employees,” added 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.
But it’s not all good news.
Forty eight percent of companies have suspended all salary increases in response to the pandemic. The report also highlighted that 12% of these suspensions will likely be lifted by the end of the year, and 36% will have reinstated pay rises by mid-2021.
HRD reached out to Mike Shekhtman, regional vice-president, Robert Half Canada, British Columbia and Manitoba, who emphasized the importance rewarding employees for loyalty this year.
“This has been a very trying year with professionals impacted both personally and professionally in a profound way,” he told HRD.
“Many workers have been managing heavier workloads remotely, all while balancing the commitments of home, and have been doing so for the better part of a year. Year-end bonuses can be a powerful way for companies to recognize staff for their hard work and dedication and can also be a motivational tool for driving team productivity and engagement in the coming months.
“Employees also appreciate being able to devote the extra funds to whatever matters most to them, especially during the holiday season.”