Holiday bonus question

[MarkBarbieri]

We have an annual bonus target. It's a rough approximation of what your bonus will be in a normal year. It's based on your level in the company. Higher level employees have larger bonuses relative to their salary to tie more of their pay to their performance. Your actual bonus is based on a combination of how the company performs and how you perform. It gets paid in the spring rather than at year end.

I used to work for a company that gave nice year end bonuses at this time of year. I hated that arrangement. It really complicated financial planning to not know how much money you would make until December. Given how many different income phase outs and phase ins there are, it made things complicated. I was always scrambling at year end trying to recalculate whether to take capital gains, pay real estate taxes, etc.

As for what is normal, there is no normal. Companies even in the same industry vary a great deal in how they compensate employees. One company may be staffed lean and give employees lots of overtime. Another company may pay a low base and make up the difference with large performance based bonuses. To determine whether you are being compensated fairly, compare your total compensation package with what you would be given elsewhere.

My company has a website where you can see your total compensation package. You can see the direct financial value of your salary, target bonus, and any special stock awards. You can also see how much they match in your 401K and HSA, how much they contribute to your retirement, how much they pay for your various insurance policies (health, vision, dental, life, AD&D), and other forms of compensation. It's been very useful in making some people aware that the "high paying" consulting gig they are being offered actually pays less than they are making now once you factor in everything else.

 

[maslex]

Well, at my company (I'm a school bus driver/make $20hr) we get nothing.

My DH's company (he works in electrical maintanence) goes by how long you've been there, I believe. He's been there for 15 yrs/makes $25hr and I think he's up to $1500. He was told they weren't giving out bonuses this year. But I guess the ladies in the front office told the big wigs that you can't just NOT give out bonuses when people rely on them to do their Christmas shopping and pay bills. So they changed their mind and when DH got his bonus this past Wed, there was a note attached to it stating that this year would be the last year getting bonuses so plan accordingly for next year.

 

[laurie31]

There's no "normal" where I work, and I've been with the same company for 21 years. It depends on how the year went. Some years we get a day's pay, some years it's a week's pay. One year things were awesome and we got 2 weeks pay. That was amazing - I couldn't imagine getting a whole month's pay as a bonus. (although I could certainly imagine how to spend it - lol) Some years we get nothing at all.

They just made the announcement yesterday that we will get *something* but the amount won't be revealed until next Thursday. DH also found out yesterday that he will get a week's pay, so we're thrilled with that. I was afraid this would be one of the "nothing at all" years for us, so I'll be happy with whatever the amount is. And yes, we're both grateful to have jobs, period.

 

[MinnieMe87]

Last year we got $1000. There are three of us that work in the office. This year, I'm not counting on anything because of the way the economy looks. If I get anything at all, I will be very thankful!

 

[bigbabyblues]

Depends on how the company does, I guess. I've been at the same place for 13 years, and ours have always varied depending on what the bottom line for the year was; one year we got $300 each, another year it was $50. Last year, we got a water bottle with the company logo, and this year we're getting nothing. With the notice of no bonus, we were also informed of no raises.

I work in healthcare.

 

[manning]

DD's DH gets a substantial one every year and it's based on his performance.. Since he's the sole project estimator for this company, the more bids they win based on his estimates, the bigger the bonus.. It's the bosses way of saying, "Thank you.."

More of an incentive. He has a smart boss. Many would not think of doing that.

 

[Golf4food]

We get bupkis. Very large company. Officers get bonuses. Sales people get bonuses. Admin and support who push all the paper, fix all the sysetms, make everything else possible? Nothing but higher medical premiums next year and smaller 401K contributions.

Not even a Jelly of the Month Club.

 

[C.Ann]

More of an incentive. He has a smart boss. Many would not think of doing that.

That too.. He wants to keep his business making money and he knows who can do it for him.. It's a "win-win" situation..

 

[Luv2Scrap]

I work for the county, so we don't get bonuses. We're going to be really happy if they let us keep our contract status quo for 2010, and don't fight to take anything back from us.

 

[powellrj]

This year we didn't even get the Christmas Card they usually mail us.

 

[aprilgail2]

My full time job I get no bonus from- we are union and government so no bonus is given out -other than that right to work on the holiday for double time and a half LOL....my part time seasonal job I get 500.00 bonus from every year

 

[The Mystery Machine]

Holiday bonus? What is that. I have only seen that in the movies.

 

[blanq]

There are a lot of companies that do not issue Christmas bonuses. I am a salaried supervisor in county government, so no bonus there. DH is a operating engineer for a power plant, earning a (low) 6 figure salary, and even he does not get a Christmas bonus.

If you want a Christmas bonus, perhaps go to work for Goldman Sachs.

 

[ReneeA]

DH has worked as a Project Manager/Estimator for a union tile company for 9 years. He worked a ton and the company was doing really well until about 3 years ago. During the good years, the holiday bonus varied - some years he received 3 or 4 $500 to $1000 bonuses throughout the year.

Now he's barely working 25 hours a week, the company is fighting to stay afloat (they've been in business for 80 years), and there will be no Christmas bonus. We lost our healthcare insurance earlier in the year because they just can't afford to pay the premiums anymore.


We are hoping he has a better year in 2010 at his job.

 

[lewdyan1]

My DH's office gives different gives. For management this year the guys are getting engraved Swiss Army knives. For the hourly workers, they are giving 100.00 walmart gift cards. In years past the management got cameras and ipods.

 

[RangerPooh]

I'm a teacher so no bonuses here, that is unless you count cards and well wishes from the students

Prior to my dad retiring from UPS his "holiday bonus" each year was either a turkey or ham. While money would ahev been nice, it was even better to have something in the freezer during lean times.

 

[JVL1018]

My husband is an accountant and they said they will be doing both bonuses and raises this year(at the beginning of the year they said there would be neither, but they did much better than they thought they would), no idea how much.
Last year it was only like $400, I think.
The year before that it was $1000
The 2 years before that, he worked for a big property management firm in Manhattan he got $5000(minus taxes), that was nice.
His job before that all employees got a ham every year. That was actually his favorite job, and we did use the ham. LOL

ETA: It's not a holiday bonus at his current job, he gets it in March for some reason.

 

[dizluvah]

Over my work history I rec'd everything from nothing to $500 - with these economic times I wouldn't expect anything at all - my DH's company gave everyone at the company $15 grocery gift card to buy a "turkey" for thanksgiving and the same at Christmas last year - workers in that manufacturing company make between 9 hour per hour and $200,000/year - they all got the same thing.

In the past (at different companies) I have gotten $50 restaurant gift card, stock shares for the company, $100 cash in a card, a bonus check with taxes etc taken out, matching funds to our 401K - when it was not company policy to do so, small holiday ornament left on each individuals desk.

Personally, I do not think there is a "normal" holiday bonus - it would depend on the industry, the health and stability of the specific company, whether bonus' are a normal part of workers compensation/salary package, and frankly an employer doesn't owe an employee a bonus of any kind - I would appreciate receiving anything at all - as it is a gift.

Oh I forgot, I have also rec'd travel mug with company logo as a gift in the past for holiday

 

[BelleWDW]

I get one day off with pay-to use anytime in the next year.


DH's bonus has ranged from a frozen Turkey. a $100 Gift cerificate from a grocery store to $200 cash


BUT_he can make lots more in Commissions if his sales are good.
Before the economy went bad-he had one fabulous year and made an extra $50,000-which we put in the bank

 

[WDWBarb]

I have a very generous boss that gives absolutely everything he can. So, it varies year to year.

But the best bonus I could ask for is working for him.