{"id":2823,"date":"2023-12-04T00:00:50","date_gmt":"2023-12-03T16:00:50","guid":{"rendered":"https:\/\/www.pacificprime.lat\/blog\/?p=2823"},"modified":"2024-04-30T11:47:17","modified_gmt":"2024-04-30T03:47:17","slug":"holiday-bonuses-a-guide-for-small-business-owners","status":"publish","type":"post","link":"https:\/\/www.pacificprime.lat\/blog\/holiday-bonuses-a-guide-for-small-business-owners\/","title":{"rendered":"Holiday bonuses: A guide for small business owners"},"content":{"rendered":"

Every year, employers show appreciation for their workforce through holiday bonuses. There are many ways to do it, but cash bonuses tend to be the most preferred option. Employees who are used to receiving cash benefits often calculate how they\u2019ll use their Christmas bonus long before they get it.<\/p>\n

But with rising costs, inflation rates, and more, paying out bonuses may be more challenging this year – especially for small businesses. In this Pacific Prime Latin America<\/a> article, we take a closer look at holiday bonuses and offer tips for small business owners to consider this holiday season.<\/p>\n

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\"Corporate<\/a><\/p><\/div>\n\n

Holiday Bonus for Employees in 2023<\/strong><\/h2>\n

The kind of holiday bonus<\/a> your business will give this year likely depends more on its size, bottom line, and other factors, rather than how much appreciation you want to show your staff.<\/p>\n

With inflation and labor shortages at the forefront of employers\u2019 minds, it\u2019s not surprising that holiday bonuses may take a hit. Surprisingly, some businesses may spend more than they can afford this year just to keep employees on their payroll.<\/p>\n

Likewise, many small businesses simply can\u2019t afford Christmas bonuses in 2023 due to rising inflation and labor costs leaving them with next to nothing to spare. If you\u2019re wondering what the average Christmas bonus is for small businesses, the answer isn\u2019t that straightforward.<\/p>\n

Not only do bonus payments vary between employers, but from year to year as well. One common way to calculate holiday bonuses is by using a percentage of an employee\u2019s salary for a holiday bonus (e.g., one week\u2019s salary).<\/p>\n

Even though employees appreciate and expect holiday bonuses, not all employers provide them. According to a Bureau of Labor Statistics report<\/a>, 9% of workers in businesses with 100 employees or less got a holiday bonus while just 3% of workers in businesses with over 100 employees received the same.<\/p>\n

Types of Holiday Bonuses<\/strong><\/h2>\n

Wondering what a typical holiday bonus is? Most businesses that pay holiday or year-end bonuses choose one or a combination of the following:<\/p>\n