In the December 2018 Snapshot Survey, we asked contractors all about holiday bonuses & perks. Here's one survey question and its results from the summary report, which is now available in its entirety to EGIA members.
Question: Which factors are considered when determining holiday bonuses?
Eighty percent of surveyed contracting companies give their employees a holiday bonus. So how are those companies determining bonuses? Most cited years of service (54% of respondents), followed closely by individual performance (52%) and company performance (50%). Another oft-cited factor was the bonus recipient’s current salary (16%), while 14% of respondents said there essentially were no factors – all holiday bonuses given out are equal. While “years of service” is a rather straightforward measure, some other factors, such as company or individual performance, can be determined using a number of different methods. The most commonly mentioned measures included earnings before interest and taxes (EBIT) on the company level, while “individual performance” ranged from personal financial impact on the company to a bonus structure tied to overtime hours worked.
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For a deep dive into service management operations, financial structure, and other related concepts, access training materials, recommendations and education pieces in the Contracting Best Practices Library, available in your EGIA Member Dashboard.