What’s the Buzz on Holiday Bonuses This Year?
It’s no surprise that many agencies have instituted salary freezes. As a result, this holiday season beckons the concern weighing heavy on the hearts and minds of many this year: “Am I definitely receiving my holiday bonus?”
Some offices may be cutting back or doing away with holiday bonuses this year. (If this is a dealbreaker for you, call me.) Your office or agency may have experienced significant financial losses due to COVID-19, and that could serve a huge blow to your holiday bonus.
With the fate of holiday bonuses in limbo, I can’t help but consider how outdated the holiday bonus is, particularly in the public relations industry.
If an agency is having a spectacular month, everyone should receive a reasonable bonus rather than waiting for a large sum in December. This creates an incentive to perform with excellence year-round. Moreover, it helps to prevent laying out large sums in January only to have your star players jump ship soon thereafter.
I think it’s time that agencies reevaluate how they distribute bonuses to their staff as the new year rolls in. Not only is this a step in the right direction to remodeling in response to COVID-19, but this could also help keep your team in 2021.