Holiday Bonuses See Uptick This Year Despite Some Economic Shifts
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96% of professional services companies plan to give holiday bonuses, up significantly from last year, with over half giving bigger payouts than 2021.
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Bonuses come as job growth slows from 300K to 200K per month and fewer people quit jobs, so companies want to retain employees.
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Unemployment remains low at 3.9%, so the job market is still strong historically, likely factoring into prevalent bonuses.
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Salary.com data shows funds companies have earmarked for bonuses in 2023 are down from last year as need to attract workers declines.
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Bonuses in 2022 were equivalent to 10-21% of non-executive managers' salaries in industries like financial services, software, and pharmaceuticals.