My Bonus Shrunk!
Bonuses aren’t guaranteed (that’s why they’re called bonuses), but millions of workers expect an extra check around now for their work during the past year. Those employees might be in for a shock: Initial estimates suggest that annual bonuses could be, on average, 21% lower than a year ago. Korn Ferry explores why—and it’s probably not because companies haven’t been profitable.?
Plus, the latest Briefings Podcast explores the art of delivering difficult news to employees (for instance, about lowered bonuses), along with how to navigate the tricky 2024 job market.
Bonuses: Only How Much?
It’s what millions of employees expect every January—a lump-sum cash bonus dropped into their bank accounts.
The checks are mostly still being written, but many observers say they’re smaller than they were in 2023 or 2022. The average cash bonus paid to employees last month was down 21% from the previous year, according to a recent survey. Every industry posted a decline that ranged from about 4% for technology firms to 36% for tourism and transportation companies. The trend affects employees of every rank, from the CEO down to mid-level and lower-level workers.
An Unhealthy Way of Handling Sick Days?
For many managers, it’s always been a matter of trust: The worker takes a sick day, and the assumption is they are indeed ill. But that assumption is starting to erode.
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According to data from a?recent survey, one-quarter of managers now think that workers are lying or exaggerating when they call in sick. Experts say the problem, previously a minor annoyance, has become a mounting conflict as firms look for new ways to restructure their expectations of workers. With little guidance from above, some managers are even reverting to strategies unseen since elementary school: One-third are requesting medical documentation as proof of illness.
Experts say it’s a problem on both sides.
Briefings Podcast:?Giving Workers Bad News… The Good Way?
How top corporate players deliver difficult news to employees could be the difference between courageous leadership and going viral in all the wrong ways. With four in ten firms planning layoffs this year and over half of CEOs expecting economic?gloom, we take a deep dive into how to get this critical communication just right.
Other Must-Reads from Korn Ferry
Check out?Briefings , our bimonthly national magazine, for in-depth and unusual looks at critical leadership issues.
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Chartered Accountant at G.Satapathy and Company, Chartered Accountants
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BU Director | Multi-site global manufacturing operations | Drive change, transformation and improvement | Builder of strong teams and profitable relationships | Trilingual (IT, SP, ENG)
10 个月We (all) should recognize that bonuses are a significant aspect of employee expectations, and it's a natural human behavior to anticipate them. While bonuses aren't guaranteed, and recent estimates indicate a potential 21% decrease compared to last year, I understand the importance of acknowledging the hard work and dedication of our employees over the past year. It's crucial for all companies to navigate these expectations thoughtfully. While external factors may impact the size of bonuses, such as the recent trends across various industries, we need to focus on innovative ways to maintain and enhance employee engagement. Our commitment as leaders to their well-being and success remains unwavering, and we must explore creative approaches to compensate for the potential decrease in bonuses, ensuring our team feels valued and motivated.