U.S. small business owners are feeling more in the holiday spirit, and their employees will likely receive cash instead of coal this year, according to the 2014 American Express OPEN Small Business Holiday Monitor.
According to the survey, 85 percent of small business owners intend to reward their staff this year with bonuses, raises, time off and/or holiday parties, up from 62 percent last year.
The American Express OPEN Small Business Holiday Monitor released annually was conducted on the telephone among a random sample of small business owners/ managers of companies with fewer than 100 employees. In total, 505 interviews were completed by Ebiquity in October.
Other key findings in this year’s survey:
* 42 percent of small business owners intend to give end-of-the-year bonuses this year, up from 27 percent in 2013.
* 25 percent of entrepreneurs intend to raise their employees’ pay, as opposed to 11 percent last year.
* 56 percent of small business owners plan to give their employees time off this year, up from 40 percent last year.
* 44 percent of small business owners are planning holiday parties and gatherings for their teams, up from 32 percent in 2013.
One reason small business owners could be feeling more generous this year – more revenue. According to the 2014 American Express OPEN Fall Monitor, 42 percent of entrepreneurs say their revenues are higher when compared with a year ago.