Most Canadian employers plan to issue year-end bonuses in 2024, despite ongoing economic uncertainty, according to new data from staffing firm Robert Half.
The survey, which included more than 1,000 hiring managers across Canada, found that 95 per cent of companies intend to reward employees with year-end bonuses. Among those, 65 per cent expect to provide bonuses that are higher than last year, while 24 per cent said they will maintain last year’s levels. Six per cent anticipate awarding lower bonuses.
If bonuses were not an option, managers reported they would turn to other recognition strategies to retain staff, such as increased scheduling flexibility, additional time off, team-building activities, and other perks.
“Employers are looking at retention strategies closely as hiring challenges persist,” the report said, pointing to trends that are expected to continue into 2025. Bonuses and alternative recognition efforts, the report suggested, play a critical role in holding on to top performers amid a tight labour market.
The data was gathered in December 2024 through an online survey conducted by a third-party provider for Robert Half.