Avoid the awkward office party. Employees prefer cash
If you ask Canadian workers whether they’d prefer a holiday party or an extra cash bonus, eight out of 10 will choose the money every time
IT IS THAT time of year again. Halloween is in the rearview mirror and remarkably, Christmas decorations are already starting to pop up in shop windows and office displays. This may come as good news to the party planning committees who, at many workplaces, will be looking ahead to the annual holiday bonanza, ready to throw an absolute rager to cap off the year.
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Except most Canadian employees don’t want anything to do with a holiday party. Instead, most would be happier if the party committee simply took the cash and divvied it up amongst the employees, a new survey from Employment Hero has found.
“A party might build connections, but it doesn’t necessarily make someone feel valued for their work throughout the year” —Chris Pinkerton
Asked whether they would prefer a cash bonus versus a party, a whopping 81 per cent of full-time Canadian workers take the cash, with only 13 per cent wanting a party. When looking at the younger workers, the ratio tilts further, with 84 per cent of those between 18 and 34 wanting the cash. (Those over 55 were the most party-receptive, but even then, the cash preference rates fell only to 76 per cent.)
“Holiday parties are a great way to bring teams together, but employers shouldn’t confuse a celebration with recognition,” said Employment Hero’s Chris Pinkerton. “A party might build connections, but it doesn’t necessarily make someone feel valued for their work throughout the year.”
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Cash, on the other hand, does. Or it at least makes the wallet feel a bit more appreciated — not exactly the same thing, but hey, not unwelcome either.
But in the great debate over parties versus cash versus holiday gifts, you might want to give the gift another look. In a 2012 experiment, students hired to catalogue books at a German library got either a surprise seven-euro bonus or a gift-wrapped water bottle worth about the same. “The cash bonus didn’t have any effect on the speed or accuracy with which the students did their jobs,” wrote Slate’s Ray Fisman, while the bottle crowd’s pace jumped 25 per cent.
The gifts, it turned out, improved productivity more than cash. Offered the choice, 80 per cent still took the cash, so the mighty dollar remains king. But even there, you can do more to make it personal: The best results of all, the survey found, came — for whatever reason — when researchers gave participants money folded into an origami shirt. 
Kieran Delamont