Lack of cash bonuses this Christmas

Just
one in 10 employers intend to pay cash bonuses at the end of the year,
according to research published in IRS Employment Review.

Almost
twice as many employers will recognise staff contribution over the past year in
the form of food and drink or gift vouchers as pay cash bonuses. 

The
key findings of the research  –
conducted in July 2002 – are based on 156 responses from HR managers across the
private and public sectors. 

They
include:

·
A substantial minority of the 156 organisations in the survey keep up the
tradition of giving employers some form of gift at Christmas

·
Only 3 per cent of employers expect to have to make cuts in their funding of
gifts and celebrations this Christmas

·
Although benefits in kind are often viewed as less attractive than cash, one in
four employers (25 per cent) gives employees non-cash Christmas gifts

·
Despite hard times in the manufacturing sector, firms are still more likely to
come bearing gifts, making up three-quarters of those giving employees
Christmas presents

·
The most popular gifts with employers are shop vouchers, alcoholic drinks and
turkeys

·
Just 13 per cent (of the 111 employers who responded to this question) reported
they would be reducing their costs, in spite of the economic uncertainty. The
majority (87 per cent) said they would not be cutting back the trimmings

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·
Four out of five manufacturers seem determined that this year it will be
Christmas as usual, despite the poor fortunes of the sector over the past two
years

By Ben Willmott