After the Holiday Season, it’s Bonus Season – Maybe

After the holiday season is over, many employees look forward to receiving a different kind of gift – a hefty year-end bonus check.

But only 8 percent of Canada’s chief financial officers say the bonus levels of their employees will increase from last year.

That’s according to a study by Robert Half, the world’s largest specialized staffing firm, which quizzed more than 100 Canadian CFOs from businesses that offer year-end bonuses to employees.

Overwhelmingly, most of those CFOs (62 percent) say bonuses will remain unchanged from last year. Only 12 percent say bonuses will rise.

Bonuses also depend on the industry you work in – 33 percent of manufacturing CFOs expect to pay lower bonuses, but CFOs in the wholesale (17 percent) and transportation (14 percent) sectors expect increases.

“Year-end bonuses can show employees that their hard work throughout the year is valued and that they are appreciated by the organization,” says Greg Scileppi, president of Robert Half’s international staffing operations.

But Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, has this warning regarding bonuses…

“Don’t use your year-end bonus as an excuse to spend more during the holidays. It shouldn’t be used to pay off credit card debt or other bills. Instead put it into your emergency fund, college fund or retirement. Look at a bonus as an opportunity to save not spend.”

If need help
budgeting for your future or just want some professional advice on how to improve your
personal finances don’t hesitate to call a Consolidated Credit
trained counsellor at 888-287-8506.

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1-800-656-4120 x 1064