SAN MATEO, Calif.–A new survey of what American workers expect when it comes to bonuses offers some insights for credit unions as they continue to work to recruit and retain employees.
One finding from the survey conducted by Bonus.com: 55% of respondents said they would leave their job if offered a sign-on bonus.
The survey found bonuses are common in the workplace, with the majority of Americans (86%) saying they have received a bonus at their jobs. Seven in 10 currently work in jobs where bonuses are available.
‘Huge Variety’
“There’s a huge variety of bonuses out there, but the most popular types of bonuses include performance bonuses (53%), annual bonuses (46%), and holiday bonuses (42%),” Bonus.com reported. “Other top bonuses include sales (11%), professional development bonus (8%), and 1% even reported a weight loss bonus.”
When it comes to payout methods, the survey found workers predominantly receive more money on their paycheck (68%), followed by receiving money separately from their paycheck (39%).
“Interestingly, some workers also receive bonuses in the form of gift cards (24%), pizza parties (14%), and more PTO (10%),” the survey found.
Additional Findings
Bonus.com said it further found:
- Some bonuses start before day one of work: sign-on bonuses. “More than one-in-six 6 Americans got a sign-on bonus at their jobs, receiving an average sum of $6,267. Gen Z had the highest percentage of sign-on bonus recipients with 26% receiving a sign-on (26%), while one-in-five salaried workers generally received a sign-on bonus.
- Of those surveyed, 51% report being paid hourly. Broken down by generation, 57% of Gen Z, 52% of Millennials, 49% of Gen X, and 44% of Baby Boomers are hourly.
- 62% of workers said they expect a bonus, and on average, they receive $3,946 per year in assorted bonuses. More than half of Americans believe a fair and reasonable bonus is 10% or less, while 20% are comfortable with 20% or more, Bonus.com reported. Among salaried individuals, one-in-four believe there should be a limit to how many bonuses one can receive, while 75% believe there shouldn’t be a limit.
- Nearly one-in-four workers have received a bonus in lieu of a raise, though 71% would prefer a paycheck raise equivalent to a bonus. Americans use their bonuses in a variety of ways, but the most popular ways are adding to savings (72%), paying bills (54%), paying off debt (46%), treating themselves (38%), traveling (26%), and making a big purchase (23%).
- More than one in five workers received a smaller bonus in the last year than in previous years, and only 20% of workers were promoted in the last year. In fact, over half of Americans, 55%, would consider leaving their current job for one that offers a sign-on bonus.
The full report can be found here.