The economy is better and so is the case for small business owners. According to a recent article online, as of October small businesses have come out of the recession with stronger balance sheets, less debt and better sales prospects. In fact, 42% of entrepreneurs say their revenues are higher when compared to a year ago.
With the holiday season upon us, this is good news for employees of small business owners.???
?This holiday season small business owners have been found to be more likely to reward their staff ? 85% more likely. I think one of the main reasons we are seeing this increased generosity is because of increased revenue streams, 42% of entrepreneurs say their revenues are higher when compared to a year ago,? Alice Bredin, small business advisor to American Express OPEN, told TNJ.com.
Key findings on the 2014 American Express OPEN Small Business Holiday Monitor indicate that small business owners will likely give their employees raises and bonuses. Here are a few of the findings:
??? ???? A much larger number of small business owners will be giving their staff end-of-year bonuses this holiday season (42%, up significantly from 27% last year).
??? ???? On average employees can expect to receive a 15% bonus this year, up from 13% last year and 9% in 2012.
??? ???? More small business owners will be giving their clients/customers gifts this holiday season, 58% up from 41% last year and 51% in 2012; however the average budget for client/customer holiday gifts is down to $905 from $1,129 last year and from $958 in 2012.
??? ???? 44% of small business owners will be throwing a holiday party up from 32% last year; on average they will spend $902 on their celebration, on par with $895 a year ago.
If the numbers are right, that long overdue raise might be coming your way after all!