Canadian companies still handing out year-end bonuses during pandemic?

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Many Canadian workers will be smiling as they start the new year.

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Nearly two-thirds of companies intended on awarding some staff members with year-end bonuses, according to Robert Half, a talent solutions and business consulting firm.

The company found 63% of senior managers surveyed indicated their employers planned to give out bonuses to end the year on a high note.

Of those handing out bonuses, 46% indicated they would dole out the same amount as last year, while 43% expected to give bigger bonuses than 2020.

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“Year-end bonuses can be a strong recruitment and retention tool used to recognize staff for their hard work and accomplishments over the year, which is perhaps more important than ever with many organizations still navigating the impact of the pandemic on their business and teams,” said Deborah Bottineau, managing director of Robert Half Canada.

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“If giving bonuses or raises isn’t feasible, employers can consider offering non-monetary perks, such as extra vacation days or professional development opportunities, which can also be very effective when it comes to ensuring skilled staff feel valued and remain loyal,” suggested Bottineau.

Now, if you didn’t get a bonus or raise, or don’t expect to, there’s always hope for next year. Bottineau recommended preparing a case for yourself on why you deserve one.

“Creating a list of the contributions you make, like assisting with cost savings, improving processes, or taking on additional responsibilities, will help demonstrate the tangible impact you’ve had, and why you deserve to be rewarded,” she explained, adding that employees should always keep the lines of communication open with their bosses.

“Workers should also make a point to engage in open conversations with their supervisors, request feedback to proactively explore ways they can improve over the coming year, and set realistic goals to track their achievements and growth.”

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