Will Louisiana Workers Get Christmas Bonuses This Year?
While most of us are getting back to normal and have returned to work, many companies are still struggling to meet the bottom line. That is expected to impact how much big businesses hand out in Christmas bonuses this year. What's going to happen in Louisiana with bonuses this year? We don't really know the answer to that one yet.
Salary.com reports the typical bonus is about 5% of an employee's annual salary. But that amount varies by company and your individual job. And not all companies give bonuses. In fact, this year might see even fewer businesses sharing the wealth.
Many companies have struggled to find staff and have been forced to offer signing bonuses to attract workers. That will likely impact how much many big operations have to shell out for end of year bonuses.
The report shows about 20% of workers are expecting to get a bonus this year and 10% are expecting to get a pay raise for the New Year.
Business executives do think bonuses can help retain workers and that’s one of the primary reasons cited for giving out holiday bonuses. Bankrate.com says the average American salary this year is about $52,000 dollars and the average bonus is expected to be about $1,900.
But the big question is: Will my company give a bonus?
The best answer to that is you really don’t know. It’s best to keep your expectations low and if you do get a bonus, you can rejoice. But if you plan for a big check and it never comes, you could be disappointed. Think Chevy Chase in Christmas Vacation.
Who Are Some of the Most Generous Companies in Louisiana?
Ochsner Health Systems has typically been quite generous during Christmas. In previous years, workers got bonuses ranging from $1,000 to $15,000 dollars. We don’t know if that will be happening this year.
Power company Entergy usually passes out bonuses for Christmas, ranging from $4,000 to about $10,000 dollars. But again, we don’t know if that will be happening this year in light of the business climate and inflation.
LHC Group (a home health care company) typically gives out bonuses ranging from $3,000 to $15,000.
Another Health Company Amedisys has also been quite generous in previous years with checks ranging from $1,500 to $16,000.
I reached out to Swepco and Willis Knighton to find out if those 2 big employers in our area will be handing out bonuses, and we have not heard back from them yet.
Remember These Monster Bonuses in Texas?
It’s been a few years, but back in 2015, a Texas Company gave every employee a $100,000 Christmas Bonus. These monster checks came from Hilcorp Energy Company, the largest privately-owned and natural gas producer in the United States. With all the turmoil in the oil and gas business right now, I would not expect these kinds of bonuses this year.
What If a Company Can’t Afford Cash Bonuses?
Many companies won’t be able to hand out checks this year, but they are finding creative ways to reward dedicated workers. Some are giving gifts of products the company makes. Others are offering time off or a flex schedule for workers. Several big companies are also offering personal care and wellness programs for free.