Hewitt’s 2008 holiday survey of more than 160 organizations reveals that of companies offering holiday bonuses this year, more than half (52%) will provide them in the form of cash – spending an average of $863 per employee, Hewitt said in a press release.
Employers that provide holiday bonuses say they do so to show their appreciation (57%), for good will or morale (18%), to maintain tradition (12%), and/or as an incentive for employees to improve business results (8%).
Employer gift giving will also continue as 42% report they will give gift cards or gift certificates averaging $76 per person, and 16% will give food (e.g., ham or turkey).
Most employers (71%) responding to the Hewitt survey will also continue to throw holiday parties this year as a way to recognize and say thank you to hardworking employees. Of these, 22% say they will spend $5,000 or less on their parties, 19% will pay between $5,000 and $10,000, and 20% will spend between $10,000 and $25,000.
More than half of those surveyed (51%) say they hold holiday parties after work hours – 62% at offsite locations – and half of respondents allow employees to bring significant others. On average, according to Hewitt, 69% employees attend their company’s holiday party.