All I want for Christmas is some paid time off
Employees have a message to employers this holiday season: forget the holiday parties and bring on the cash, according to a recent online survey by Harris Interactive on behalf of Glassdoor..
Nearly three-quarters (72 percent) of employees said that a cash bonus would be among their top choices for employer-gifted holiday perks this year, followed by a salary raise (62 percent), paid time off (32 percent) and grocery gift cards (23 percent). Holiday parties — even with an open bar — are not a very popular perk (4 percent) and fell below the ability to work from home for a year (14 percent), company stock/shares (11 percent), health care subsidy (10 percent) and a gym membership (8 percent). A full breakdown of perk preferences is below.
- 72% cash bonus
- 62% salary raise
- 32% paid time off that doesn’t count against vacation
- 23% grocery gift card
- 14% work from home for a year
- 11% company stock or shares
- 10% health care subsidy
- 8% gym membership
- 4% holiday party with an open bar
- 3% commuter subsidy
- 2% gold watch or other accessory
- 2% other
As cash tops holiday wish lists, it seems employees eligible for a bonus are optimistic they will receive one. Nearly three in four (73 percent) employees report they are eligible for a bonus this year, compared to 63 percent in the fourth quarter of 2008 when the market took a dive. Of those eligible for a bonus, 58 percent expect to receive a bonus while 39 percent do not and 12 percent are unsure. Of those who expect to receive a bonus, 20 percent expect it to be more than their last bonus while 13 percent expect it to be less, and 22 percent are unsure.
The survey found that wishlists vary between the sexes, too. More men (16 percent) said they would be interested in receiving company stock or shares as a holiday perk than women (6 percent), whereas more women (18 percent) said they would prefer the option to work from home for a year than men (11 percent). More women (29 percent) also prefer grocery gift cards over their male counterparts (18 percent).
More men (74 percent) are eligible for bonuses than women (69 percent). Among employees who are eligible to receive a bonus this year, nearly twice as many women (17 percent) report they are unsure of the bonus amount than men (7 percent) whereas more men (30 percent) than women (22 percent) expect their bonus to be the same as last year.
“Until we see the impacts of The Great Recession further recede, when it comes to what employees want it starts with cash and other financial perks to make sure that ends can be met over the holidays”, said Rusty Rueff, Glassdoor career and workplace expert, who has run global HR departments at Electronic Arts and PepsiCo before co-authoring Talent Force: A New Manifesto for the Human Side of Business. “It may not be sexy but even a nominal amount, a gas or gift card, or an extra day off that an employee can use at their discretion to compensate for the extra hours they have been putting in will likely go much farther in boosting morale than a holiday party. Now is the time to listen closely to what employees need and respond accordingly.”
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