More Small Businesses Handing Out Bonuses
by Terri Eyden on
By Michael Alter
For most of the year, I've been exercising caution in regard to the small business economy. However, as we close out 2013, there appears to be some light at the end of the tunnel. Based on our November SurePayroll Small Business Scorecard ®, it looks as if small businesses have accomplished some of their goals for the year and are primed to finish strong.
As many as 55 percent plan to give year-end bonuses, up from less than 40 percent last year, according to the Scorecard survey. This should put more cash in their employees' pockets that they can spend on Main Street over the holidays.
At the beginning of the year, small business owners were telling us they wanted to cut costs to increase profitability. Hiring has dipped 1.7 percent over the course of the year, and the average paycheck has remained flat. Combine that with the uptick in bonuses, and it appears small businesses have been able to do what they set out to do.
It's good to see more of them are spreading the wealth to their employees.