The holiday season is a great time for winding down, reflecting on the year that’s almost over and looking forward to the new year ahead. And if your business’ 2018 goals include expanding your team, it’s also an excellent time to get a head start on hiring.
Holiday hiring is on
According to our Holiday Bonus and Hiring Survey, more HR and hiring managers planned to begin the hiring process for next year early. Fifteen percent planned on starting the hiring process in September of 2017, compared to just 9% planning on starting that early in 2016.
Some companies don’t look at November and December as logical months to focus on hiring, making it the perfect opportunity to get ahead of the competition. Come January, all of your competitors will be scrambling to interview and onboard any remaining talent. The best candidates will be scooped up fast, so getting them on board before your competition does is essential.
Even better, December onboarding means your new hires will have a chance to start learning the ropes at a comfortable pace. They’ll be ready to hit the ground running come January and contribute fully to the coming year.
Focus on retention
Of course, retaining your existing stars is just as crucial as attracting new ones. Offering holiday bonuses is one way to show gratitude and demonstrate appreciation for hard work and effort. Yet our survey found that holiday bonuses are not as likely this year, with only 63% of U.S. HR or hiring managers indicating their company plans on giving holiday bonuses in 2017, compared to 75% in 2016.
However, among those that still plan on giving monetary bonuses, they’re becoming more generous. The average holiday bonus is trending steadily upward, reaching $1,797 in 2017, compared to $1,081 in 2016 and just $858 in 2015. In fact, many HR or hiring managers (42%) indicated that their company plans to give a bonus of $1,000 or more. This is nearly 1.5 times the percentage of respondents planned on gifting so generously last year (29%).
Other ways to spread the holiday cheer
The number one reason cited for not giving monetary bonuses is that companies would rather give employees other perks, such as holiday parties, paid time off, gym memberships, charitable donations, and more.
Cash may always be king in the minds of your employees. But money is not the only way to keep your existing employees happy. The gift of more time to spend with their families during the holidays or a tangible gift with a sincere, handwritten note of appreciation can benefit company culture and your bottom line.
Before you enroll everyone in a Jelly of the Month club, why not ask employees what they want? Remember, there’s a competitive advantage to listening to employees. People want to work at a place where they feel like their employer cares about them. Give them that, and they’ll want to stay at the company. It’s good for company culture and a great way to retain talent.
For more tips on spreading the holiday cheer, check out our 2017 Holiday Hiring Report!
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