71% of Businesses Say They Will Offer Bonuses or Incentives in 2020
Companies are going beyond providing traditional health benefits to address employees’ well-being, finds a survey from global staffing firm Robert Half. In research conducted for the Robert Half 2020 Salary Guides, most employers said they offer physical (63%), financial (65%) and mental (74%) wellness programs. Organizations also cover at least some of the cost for these physical and financial (51% each) and mental (64%) wellness resources.
In addition, the research found that 71% of companies plan to provide incentives such as bonuses, profit-sharing and spot awards in the year ahead. In fact, many of those firms expect to increase the dollar amount (43%) or frequency (41%) of these rewards, and 33% anticipate adding new offerings in this area.
“More and more companies are focused on all aspects of well-being in their recruitment and retention efforts,” said Paul McDonald, senior executive director for Robert Half. “Offering benefits like health insurance is just one piece of the puzzle. Resources like stress management and retirement planning seminars help workers balance professional and personal priorities.”
McDonald added, “In addition to providing competitive benefits and perks packages, employers can also keep staff motivated by giving them regular bonuses and other rewards tied to job performance.”
Additional findings:
- According to workers, the most valued wellness offerings include access to fitness facilities or programs (24%), ergonomic evaluations and equipment (22%), and incentives for engaging in healthy behavior (18%).
- Flexible work schedules or telecommuting options (50%), paid parental leave (47%), and employee discounts (42%) are the most common perks offered at companies.
- Firms with 250 or more employees are more likely to have mental and financial wellness benefits and cover at least some of the costs of these programs than organizations with 20 to 249 employees.
- In a separate survey of workers, health insurance, retirement savings plans match, and parking and commuting benefits were identified as the most used benefits, perks and incentives.
For more information on compensation and hiring trends, download the Robert Half 2020 Salary Guides.
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