This may be surprising to hear with all the news about layoffs and concerns about a recession, but year-end bonuses are back.
A new survey from staffing firm Robert Half finds more than half of U.S. companies plan to give them out this year.
“It's very difficult to find people today, and retaining staff that you really want to retain is so important, and it's been important for the past couple of years,” said Paul McDonald with Robert Half.
McDonald said those bonuses are really about pulling out all the stops to show appreciation to workers. Companies that can't afford to offer bonuses with tightening budgets say they're doing things like recognition events within a department or the company.
Some are planning to send thank you notes or gift cards. McDonald said all of this goes a long way for not just retention, but recruiting.
“Word gets out that the employees were recognized either within a newsletter within their department or company-wide, and as a result that just builds morale, builds culture, and that culture not only stays within the walls of the company, but seeps out into the community,” he said.
If you don't receive a year-end bonus, he recommends setting up a one-on-one talk with your supervisor. He says find out if bonuses were paid within your company.
If they were and you didn't get one, talk with your supervisor about what you need to do to achieve one in the future. If bonuses weren't paid, you can ask about what other kinds of perks may be available.