This year's average holiday bonus is likely to knock Scrooge off his feet
Bonuses are 66% merrier than last year. Here’s how to get on your employer’s “nice” list.
If you’re too old to be waking up at the crack of dawn on Christmas morning to check out your haul from Santa, there’s still one potential present you can look forward to unwrapping: your holiday bonus.
You and your co-workers’ stockings could be stuffed with a little extra greenery this year, according to a recent annual survey of employers by Accounting Principals, a staffing firm that specializes in finance and accounting. Of the 500 U.S. companies polled, 63% are planning on giving bonuses this year, with an average payout of $1,797, up from $1,081 in 2016.
While bonuses are partially driven by the success of the company over the course of the year, the survey data also offers ways that your individual behavior shapes your odds of reaping those end-of-year rewards. In fact, many of the surveyed managers said there are steps you can take to increase your chances of landing a big bonus.
If you’re a part of the third that isn’t getting a bonus this year, don’t feel like you’re missing out, as David Alexander, Accounting Principles president, said that many cited giving their employees other forms of payouts.
“Employers are favoring non-monetary alternatives to reward their employees, or plan to give out bonuses at other times of year,” Alexander said. “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.”
Still, there’s nothing like seeing a little holiday cheer in your paycheck at the end of the year. These tips can help you get a head start on your 2018 holiday bonus.
Be upbeat and driven
Your attitude at work is hugely influential on your bonus. More than half of the survey respondents (56%) said employees who remain motivated during the year are more likely to receive a bonus when the holiday season rolls around. And 49% of managers in the survey said workers who are positive and upbeat are more likely to receive a holiday bonus.
One way you can amp yourself up for greatness is to create goals for yourself to work toward, says Kim Gottschalk, a senior regional vice president at Accounting Principals. “These don’t necessarily have to be lofty goals for the year. They can be smaller daily or weekly goals related to your work,” Gottschalk says. “Working toward these goals will help you remain engaged and productive. And reaching those goals will help enhance your attitude—which will help motivate others to have a positive attitude as well.”
Go above and beyond
If you want a little something extra in your check, you’ll need to put in some extra effort. According to the survey, 42% of respondents said that taking on additional duties at work increases an employee’s chances of receiving a bonus.
“Volunteering for extra assignments throughout the year helps demonstrate that an employee is willing to go above and beyond to meet departmental and possibly wider strategic objectives of the organization,” says Stacey Berk, managing consultant and founder of Expand HR Consulting, a boutique human resources consulting firm based in suburban Washington, D.C. “It's just one way that an employee could show a meaningful contribution compared to others.”
But don’t simply volunteer for the additional work and walk away. Berk suggests seizing the opportunity to discuss the broader impact of your work with your manager before you begin the new tasks. The conversation could create an impression that makes a difference during bonus season.
When appropriate, toot your own horn
It’s true that some companies pre-determine holiday bonuses before December hits. But some firms wait until the last minute to allocate those funds, so it’s worth reminding your manager of all of the good you’ve done throughout the year. And besides, managers and bosses are busy people with a lot on their minds. Of managers surveyed, 42% said that employees who remind the company of their accomplishments are more likely to receive bonuses. Another 33% said that asking your boss directly for a bonus could pay off.
Bonus policies vary among organizations, but if you decide to approach your boss directly about a bonus, you will need to demonstrate your value, Gottschalk says. “Showcase your accomplishments and highlight your dedication, proactive thinking and collaboration to help make your case,” she says.
There are tactful ways to go about this. Berk recommends meeting with your manager at the beginning of the holiday season to highlight your accomplishments in the past year or six months. “It's typically strong individual performance throughout the year that yields the highest bonus,” she says.
Remember, if your employer pulls a Scrooge and stiffs you on a holiday bonus, there are plenty of companies out there that believe in the spirit of the season. Find a new job under our Christmas tree here.