Year-end bonus season is coming — but there’s a catch

Bonus season is coming, but early returns show the checks will likely be smaller than a year ago — at least for many workers. That’s according to new data from benefits and payroll provider Gusto Inc., which found the average bonus doled out in November 2022 was about 8% smaller than a year ago. The average November 2021 bonus was $208, compared to $191 in November 2022 — as many industries are looking for ways to cut costs due to potential economic headwinds. Some industries bucked the trend of shrinking bonuses, according to Gusto Economist Luke Pardue. Workers in goods-producing and logistics businesses saw their average bonus increase 7.1%. In personal services, bonuses stayed largely flat, growing about 0.1% and sticking around $108.