Bonus payouts are changing after recent salary surges -- especially in these industries
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Bonuses are shaping up to be smaller than they were in 2022, with the finance and retail industries seeing their average bonuses cut in half over last year.
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The latest data comes from payroll and benefits platform Gusto Inc., which found the average bonus in November was $1,220, a 27% decline from the $1,690 average bonus in November 2022. The data does not include December but it shows the economy and labor market are cutting into worker bonuses.
“Two major forces contributing to the dip in bonuses we have seen this year: First, the downshift in the economy has caused bonuses to dip this year,” said Gusto Economist Luke Pardue. “While the job market has remained more resilient than many expected, it has still cooled considerably, and firms do not need to pay as large of bonuses to remain competitive in the labor market today.”
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