Manufacturing sector most likely to pay lower bonuses: Survey
Financial executives in Canada don't anticipate bonus levels will differ much this year compared to 2012, according to a Robert Half survey. And at companies where bonuses will change, they are more likely to fall than rise.
Only eight per cent of CFOs at firms that offer bonuses said their bonus levels in 2013 will increase over last year, compared to 12 per cent of respondents who expect a decline.
Sixty-two per cent of executives foresee no changes, found the survey of more than 100 CFOs.
Changes to bonus levels are projected to vary by industry. Manufacturing is the sector with the largest percentage of CFOs, 33 per cent, expecting to pay lower bonuses. Workers in wholesale and transportation are likely to receive bigger bonuses; 17 and 14 per cent of CFOs in those sectors, respectively, anticipate increases in bonuses this year.
"Year-end bonuses can show employees that their hard work throughout the year is valued and that they are appreciated by the organization," said Greg Scileppi, president of Robert Half, international staffing operations.
"Monetary bonuses, though, are not the only way firms can reward their teams. For firms who are not planning on awarding bonuses, or are looking to scale back from last year, non-monetary perks like training opportunities, staff celebrations or additional vacation time can be an effective way to acknowledge and reward teams."