Year-end rewards are alive and well with nearly 60 percent of workers reporting that their companies provide office parties, cash bonuses and other gifts or rewards. Forty percent of workers in a recent study by Xylo said that such rewards increase their workplace loyalty.
Fifty-eight percent of employed people in the survey receive some type of year-end recognition from their employer.
Looking at income and employment status with regard to the receipt of year-end or holiday rewards, the Xylo report found:
Employment Status
Receive Rewards
No Rewards
Full-time employees
62 percent
34 percent
Part time employees
44 percent
47 percent
Income
Less than $15,000
42 percent
41 percent
18 percent
$15,000-30,000
56 percent
37 percent
7 percent
$30,000-40,000
63 percent
29 percent
8 percent
$40,000-60,000
65 percent
34 percent
1 percent
More than $60,000
58 percent
38 percent
4 percent
Rewards Boost Employee Morale
Distributing year-end or holiday rewards may pay off for employers as the practice increases employee morale. Forty percent of survey respondents who receive such recognition note that the practice has a positive effect on their company loyalty, two percent note a negative effect and 58 percent report that receiving year-end or holiday rewards has no negative effect on their company loyalty.
Forty-three percent of men commented that receiving year-end rewards affects their company loyalty in a positive way, while only 36 percent of women feel the same way. Within age groups, the following percentages report that their company loyalty is affected in a positive manner because they receive year-end rewards:
44 percent of workers under age 35
35 percent of those in the 35 - 54 age group
46 percent of those over age 55 and over
Office Parties, Cash Bonuses Top the List of Year-End Rewards With Men Getting More Cash
End-of-year recognition may come in the form of anything from a personal gift to an office-wide reward (such as a holiday party) or both. Respondents noted they receive such awards in the following percentages:
Personal Rewards
Office-wide Rewards
Both
Total
27 percent
37 percent
30 percent
Women
13 percent
42 percent
38 percent
Men
37 percent
34 percent
25 percent
When asked what types of things their employers do for them as year-end or holiday rewards, respondents mentioned a variety of items:
Office party (52 percent)
Cash bonus (49 percent)
Turkey/other food gift (13 percent)
Individual gifts (10 percent)
Gift certificate (9 percent)
Meals - general(7 percent)
Sixty-two percent of women are employed by companies that throw parties, while only 45 percent of men are. Conversely, 55 percent of men receive cash bonuses compared to 40 percent of women.
Despite the fact that over half of employees' companies throw office parties, it was the second most-mentioned type of reward employees want (11 percent). A cash bonus, at 46 percent, placed first.
