UK Employers Double Christmas Bonuses

186
Filed under - Archived Content

This December, companies will pay twice as many bonuses as last year, with prepaid cards as the number one choice.

The 112% increase is attributed to improving economic conditions as well as the growing uptake of reward and recognition schemes by UK businesses.

The study, from the Prepaid International Forum, shows that staff getting a Christmas bonus will be significantly less likely to move to a different job the following year. 71% of people surveyed said that they would turn down the chance of earning more, rather than leave a company that regularly thanks them for their efforts. Evidence also suggests that an effective ‘thank you’ from bosses increases productivity by as much as 44%.

The impact of bonuses has been recognised by the Irish government, who allow businesses to pay €250 in non-cash bonuses each year, free of tax.

Several providers offer specialist services, such as One4All Rewards’ online tool for businesses spreading last-minute festive cheer, or E-spree, which allows rewards to be redeemed as soon as they are received. This is ideal for companies wanting to reward staff across many locations.

Almost three-quarters of companies say that they favour this method of saying thank you because it has a greater impact on staff morale and motivation, not least because it prevents bonuses simply being absorbed into meeting the costs of Christmas rather than going towards an actual treat,” said Alastair Graham, spokesperson for PIF.

Author: Megan Jones

Published On: 16th Dec 2015 - Last modified: 18th Dec 2018
Read more about - Archived Content

Follow Us on LinkedIn