Many workers will be saying goodbye to their year-end bonuses this year in another sign of the shifting power dynamics between employers and employees as companies look for ways to tighten their belts heading into 2024.
The number of companies opting out of holiday bonuses this year has reached its highest level since before the pandemic, according to a recent survey from Challenger, Gray & Christmas, a firm that advises employers on layoffs. Of the more than 200 U.S. companies surveyed, 34% say they would not be giving out the extra money to employees this year. That’s the highest number since 36% decided against bonuses in 2019, and notably higher compared to last year, when 27% of companies surveyed opted out of the practice.
