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In the ongoing fight for talent, employers are once again realizing the value of the year-end bonus. That’s according to the results of a recent online survey conducted by national staffing agency Robert Half.

In a survey of nearly 1,800 managers across the country, a whopping 96% said they expected to award year-end bonuses in 2023. More than half of them even anticipated offering more than they did in the prior year, while about a third expected to award about the same amount. Robert Half conducted the survey from Nov. 1 through Nov. 15.

This all comes in spite of a host of economic uncertainties over the last 12 months. But it’s worth noting that at least one metric has remained stubbornly and historically low: the unemployment rate. In Minnesota, that rate sat at 3.1% in November, according to data from the state’s jobs agency.

That’s driving many managers to do all they can to hang onto their current staff, says Jennifer Carlson, VP regional director with Robert Half. Even companies that aren’t having the best financial results are still giving out bonuses, she notes.

“As the market woke up again, companies realized that they to do need a better job retaining top talent,” she says.

The rapid shift to hybrid and remote work, meanwhile, has served as “wake-up call” for many companies, Carlson adds. And though bonuses may have taken a brief pandemic-induced pause three years ago, they’ve since “come back in a big way,” according to Robert Half.

Robert Half’s November survey was national, polling managers working in finance and accounting, technology, marketing and creative, legal, administrative and customer support, and HR at companies with 20 or more employees in the U.S.

Respondents from the Minneapolis area largely aligned with the national results, with 97% of local employers saying they would award year-end bonuses in 2023.

If you’re among employees who didn’t get a bonus this year, Carlson says it never hurts to have a “clear and concise” conversation with managers about it. “I would say just be proactive and say, ‘What can I do differently next year to earn a bonus?’” she suggests. “It opens up the conversation. Hopefully leaders are open to that and can deliver direct but constructive feedback on things they measure. That goes a long way with employees.”

And if monetary bonuses aren’t economically feasible for a company, there are alternatives. “One of the things we’re seeing is companies giving people extra PTO,” Carlson says.

More than anything, Carlson says, it’s good idea for execs to build a clear and transparent bonus structure. “The biggest thing is to be clear about the why” behind a bonus, or lack of one, she says. For example, is the bonus company wide, or is it tied to specific incentives or individual performances?

“Try to be as thoughtful and transparent as possible in communicating,” she says. “When awarding performance-based bonuses, definitely schedule one-on-one time and explain how the bonus was determined versus just sending the money.”