Americans have good reason to celebrate this holiday season. Here's why.
If you’re not getting a bonus and at least three days off this holiday season, you’re getting shafted, according to a new study.
Bloomberg BNA, a publication that analyzes business regulations, asked more than 350 senior human resource and employee relations executives whether they plan to give out holiday pay, how many employees are working overtime, and who’s getting bonuses. Here’s what they found:
- Managers get bonuses twice as big as non-managers (an average of $400 compared to $200)
- Year-end gifts and bonuses will be given to more than two in five employees this year
- Employees at more than six in 10 organizations get three or more paid days off in December or the first week of January
Matt Sottong, Bloomberg’s director of surveys, explains that last stat:
With both Christmas and New Year’s Day falling on Thursday this year, a majority of American workers can look forward to a restful few weeks with friends and family. It really ‘pays’ for employees when these holidays are on a Thursday as giving workers Friday off is an easy way to make it a four-day weekend.
Some bosses don’t see it that way. A full one-third of organizations will have at least a few workers on duty on Christmas and New Year’s Eve. (According to the Center for Economic and Policy Research, the United States is the only “advanced economy in the world” that doesn’t guarantee employers to pay holiday time.)
But at least the numbers are heading in the right direction. Here’s what Bloomberg found that makes the 2014 holiday season extra special…
“Company-wide parties are on the upswing,” Bloomberg says. More than three out of four are having a holiday event, and more than half of them will have alcohol. Although where alcohol is being served, 90 percent of organizations will deploy “alcohol safeguards,” whatever that means.
For those who aren’t lucky enough to get extra paid time off for the holidays, at least the time on the clock will count for more. Over 85 percent of those who work on Christmas Eve and New Year’s Eve will receive overtime pay, with 65 percent receiving time-and-a-half or double time. A lucky 12 percent are receiving “compensatory time off” next year on top of premium pay, and 9 percent are getting the jackpot of 2.5 times pay or time-and-a-half plus holiday pay.
More time off
This year, 61 percent of employees get three or more paid days off for the holidays. Bloomberg speculates that this is due to Christmas Eve and New Year’s Eve falling on a Thursday, making it easier for employers to give their workers a four-day weekend. That number is up from 52 percent in 2013, when both holidays fell on a Wednesday.
More charitable giving
Two-thirds of all organizations offer some sort of charitable contributions for their employees to take part in. Toy collections are the top choice, with nearly half of organizations sponsoring one. Food drives take place at 42 percent of the organizations surveyed.