Fewer small-business owners will reward their staff this holiday season with bonuses, but more will give time off, according to OPEN from American Express Small Business Monitor, a semiannual survey of business owners.
This holiday season only 47 percent of small-business owners say they will hand out bonuses, compared with 54 percent in 2005. By contrast, 55 percent of owners surveyed plan to give the gift of time off, up 8 percent from last year.
Overall, holiday gift budgets for clients and customers remained steady at $1,065, on par with last year’s average of $1,064.
“Despite a strong economy, the survey shows that small business owners have felt a financial pinch from higher gas and energy costs,” said Alice Bredin, OPEN from American Express small business advisor.
