For some Brits, an annual bonus helps pay for Christmas presents, contributes to life savings, and serves as a reward for a job well done; for others, the payment can be large enough to dwarf their annual earnings several times over. Either way, it’s a key benefit for many employees all over the country, and one they often factor into their financial planning.
But it’s also a discretionary benefit and, thanks to the impact COVID-19 has had on British businesses, it’s one many employees feel they are set to miss out on.
YouGov RealTime data shows that two in five (40%) working Brits don’t get an annual bonus in their role and a third (33%) wouldn’t have expected to receive one, even before the pandemic.
However, approaching a quarter (23%) did expect to get a bonus at some point during 2020. Among this group, two-fifths (42%) have received it. Yet as many (43%) are either sure they will not get one (22%) or do not expect to get one (21%). Just 15% think they will receive their bonus before the year is out.
The data suggests a slight gender split among those who are eligible for a bonus – regardless of whether they expected to receive one before the pandemic or not. Three-quarters (75%) of female workers have neither received a bonus nor anticipate getting one compared to 66% of male employees. Meanwhile, three in ten (31%) men expect an annual bonus this year next to just a under a quarter (23%) of women.
Workers in the ABC1 social grade generally feel they are in a better position about bonuses. They are more likely than C2DE employees to expect one (27% vs. 15%) be eligible for one (61% vs. 47%) and to say they have received a bonus (31% vs. 22%).
This research was also featured in Forbes.