Wager Mage
Wager Mage
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As of 2022, the average bonus pay in the U.S. is 11% of salary for exempt employees, 6.8% for nonexempt salaried employees, and 5.6% for hourly employees.
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Read More »Research Summary: While everyone loves bonus pay, salaried workers take home more than their hourly counterparts. But the good news is that since the start of the COVID-19 pandemic, the number of companies that offer year-end bonuses has been rising steadily. After extensive research, our data analysis team also concluded: 61% of companies say that the bonuses they offered in 2021 were higher than 2020. The Information industry provides the most access to all bonuses, with 69% of employees having access. The most common bonuses received are year-end bonuses (11% of all employees), holiday bonuses (6% of all employees), and cash profit-sharing bonuses (7% of all employees). As of 2022, the average bonus pay in the U.S. is 11% of salary for exempt employees, 6.8% for nonexempt salaried employees, and 5.6% for hourly employees .
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Read More »And the most common type of bonus provided is a year-end bonus, which 19% of employees have access to. 17% of employees also have access to other bonuses. Management, business, and financial occupations offer the most access to bonuses, with 60% of employees having access. These industries all offer the most access to all types of bonuses . As far as the number of employees who have access, 69% of those in the information industry do, 65% of those in financial activities do, and 55% of those in manufacturing do. The information, financial activities, and manufacturing industries provide over 50% of their workers with bonuses. And, when extended out to include occupations in extraction, farming, fishing , and forestry to that figure, the number of employees who have access to holiday bonuses rises to 13%. The construction industry provides the most access to holiday bonuses at a rate of 11%. Only 13% of public jobs offer incentive bonus plans for non-executives, compared to 47% of private jobs. This is also true for referral bonuses, where only 13% of public jobs offer them, as opposed to 62% of private jobs. 2020 and the COVID-19 pandemic have changed the landscape of bonuses in private industries. While some companies offer more bonuses, overall bonus amounts have fallen by 0.7% from 2019. Here are some other facts: Since the start of the COVID-19 pandemic, the number of companies that offer year-end bonuses is up from 30% to 33% While bonuses are generally tied to employee performance , companies expect to pay more of them this year due to the COVID-19 pandemic. In 2019, bonuses made up an average of 11.7% of salary . This dropped down to 10.9% in 2020. However, as of 2021, that number is beginning to rise slowly, now at an 11% average. Currently, at 11% of salary, today’s bonuses are slightly higher than those in 2020 but lower than 2019. All of this sounds great, but what do employees think about bonuses? Overall, bonuses lead to workers being eight times more engaged in the workplace. Our research also found that: Recognition among co-workers matters to many employees, as 33% would prefer being publicly recognized at their company over receiving a private $500 bonus. While this is a difference of only 4%, it does show that employees generally prefer cash incentives over gift cards. 69% of employees reported that they’d like to receive a gift card, while 73% of employees would prefer a cash incentive. These rewards can be anything from year-end, cash profit-sharing, employee recognition, holiday, longevity, payment in lieu of benefits , and referral bonuses. Plus, other regular rewards add to this statistic as well, including free snacks and coffee. While 46% also say they expect their bonuses to be the same, many still expect higher bonuses as the result of the COVID-19 Pandemic. How are bonuses paid? Bonuses are generally based on performances and can be given monthly or yearly. However, yearly bonuses are the most common. Typically, you will receive your bonus as a percentage of your salary or as a fixed amount. For example, you could receive a bonus that’s 11% of your salary, or a flat $1,000 bonus. Why do companies give bonuses? Bonuses are given to reward employees. For example, employers want to encourage excellent employee performance and increase employee retention. And, it works! Employees are 8x more engaged when they receive rewards like bonuses. How much is a bonus usually? Bonuses can be anywhere from $50-$5,000, and this number varies wildly depending on your pay and the context of the bonus. For instance, if you make $40,000 per year and receive an 11% bonus, you’d make $4,400 in bonuses. However, if you only make $30,000 per year, that number would decrease to $3,300. For fixed bonuses, the average Christmas bonus might be $300, but the average referral bonus can be up to $2,000. What is a good bonus? Generally, a “good” bonus would be anywhere between 10-15%. However, a bonus of 15% would likely be considered more than good, as it’s one of the highest percentages and somewhat rare. What is a normal year-end bonus? A normal year-end bonus will vary from position to position, but the average bonus pay in the U.S. is 11% of exempt employees’ salaries, 6.8% of nonexempt employees’ salaries, and 5.6% of hourly employees’ salaries. This is the percentage of an employee’s salary that they’ll earn in bonuses throughout the year, whether via a year-end bonus, a holiday bonus, or cash profit-sharing bonuses. Suppose you get to the end of the year and haven’t gotten any other bonuses. In that case, it’s reasonable to expect your year-end bonus to account for the average bonus pay percentage that correlates with the type of position you hold. If you have received other bonuses throughout the year, your year-end bonus will likely be less. The size of your year-end bonus will also depend on the financial health of the company you work for. If it’s struggling to earn a profit or recovering from an economic downturn, the chances are that your bonus will be smaller than you might think. On the other hand, if your company is doing well, you might receive more. Is a 10% bonus good? Yes, a 10% bonus is good. The average exempt employee earns 11% of their salary in bonuses each year, the nonexempt salaried employee earns 6.8%, and the average hourly employee earns 5.6%. So, if you’re an exempt employee, a 10% bonus is good because it’s on par with what most other workers in your shoes earn in bonus pay each year. If you earn other bonuses on top of this, you’re earning more in bonuses than average. If you’re a nonexempt salaried employee or an hourly employee, a 10% bonus is far higher than the average annual bonus pay someone in your position receives, so it’s an amazing bonus. As with anything, there are times when a 10% bonus isn’t as good, such as when you aren’t being paid enough to begin with, or are lacking other benefits and support you’d expect your company to provide. A 10% bonus doesn’t stop being a good thing in these situations, but its shine may be tarnished if it feels like your employer is trying to appease you.
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Read More »Do bonuses have to be paid by March 15? No, bonuses do not have to be paid by March 15. Companies can pay bonuses whenever they like, but many choose to set March 15 as the deadline for tax reasons. Many companies can deduct bonuses on their tax returns as long as they pay them within two and a half months after the tax year ends. So, if a company wants to deduct bonuses it has paid from its tax year that ended December 31, 2020, it has until March 15, 2021, to pay them and still be able to list them as deductions on their 2020 tax return. Usually, the companies that take advantage of this policy are the ones that calculate their bonus pay budget based on the organization’s calendar year performance. This means the company won’t know how much they can give their workers in bonuses until it calculates how much it’s earned through December 31. Being able to pay those bonuses up until March 15 gives their accountants and managers time to figure out how much each person gets and add it to their paychecks while still giving the company the tax benefits of providing bonus pay. How do you calculate a prorated bonus? To calculate a prorated bonus, you divide the number of days, weeks, or months the employee worked by 365, 52, or 12, respectively, then multiply the answer by the total bonus amount you would’ve paid for a full year’s work. Often companies will prorate bonuses for employees who either haven’t or won’t work the entire year they’re earning a bonus. This is a common practice for other benefits such as paid time off, as it isn’t good money management for an organization to pay employees for time that they weren’t even hired. Suppose you give all of your employees a $1,500 bonus at the end of the year. They have all worked for you for over a year, except for one employee hired on November 1. To calculate her bonus, you’d take the number of days she worked for you (61) and divide it by the total number of days in a year (365). This gets you about 0.167. Next, you’ll multiply 0.167 by $1,500, which gives you $250.50. This is the prorated bonus that your newest employee earned.
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