Now that it’s November 12, we’re deep into holiday territory and end of year financial surveys. This was one of the more interesting surveys I got for Financial Literacy Month. Basically,  Employment Hero, which is an employment platform for Canadian businesses, found that 81 per cent of full-time employed Canadians would choose a cash bonus over their company holiday party, while just 13 per cent would opt for the festivities. Was anyone surprised by this?

I posted about that on my Instagram and anecdotally everyone wanted the bonus, though one wanted the bonus and the party. As someone who has gone to many work holiday parties, I had to ask Chris Pinkerton, the managing director of Employment Hero Canada about the information gap between companies throwing a party and employees preferring the bonus. 

Are employers underestimating how much employees appreciate direct financial recognition?

I think the numbers speak for themselves. When 81 per cent of Canadian workers say they'd rather have a cash bonus than a holiday party, that's a pretty clear message for employers. And it's not that people don't enjoy a good celebration, but cash gives them something a party can't: choice.

Whether that's putting money into savings, treating themselves or covering everyday expenses, employees get to decide what matters most to them. My advice to employers is simple: before you spend your holiday budget on something you think your team wants, ask them. You might find that the most appreciated gift isn't the one you've been planning.

With the cost of living still a concern and people putting a cost on their time, could a cash bonus make a meaningful difference to someone's holiday budget?

Absolutely. Between gifts, travel and all the extra expenses that come with the holidays, a little extra money can go a long way. But here's what's interesting: our research found that while 47 per cent of Canadians would be most motivated by double pay to give up a scheduled holiday day off, another 39 per cent would prefer some form of additional time or flexibility. So it's not always about the biggest paycheque. For some employees, having an extra day with family or the flexibility to manage holiday commitments could be just as valuable. The lesson for employers? Don't assume everyone wants the same thing. Give people a say in how they're recognized and rewarded.

What are some practical ways employers can recognize employees and respect their work-life boundaries during the holiday season?

You don't need a huge budget to make someone feel appreciated, and sometimes the simplest gestures have the biggest impact. An early finish before the holidays, a bit of flexibility with schedules or a genuine thank-you for a job well done can mean a lot. But I'd argue that respecting someone's time off is just as important as any holiday perk. Our research found that 69 per cent of Canadians would be unlikely to respond to a non-urgent message from their boss on a statutory holiday, yet the same proportion would respond to something genuinely urgent. Employees aren't saying they'll never pick up the phone. They're saying please don't call me on Christmas Day unless it actually matters. For employers, that means planning ahead, being clear about what constitutes an emergency and letting people properly switch off when they're off the clock.

Are employers missing an opportunity to help employees improve their financial wellbeing through compensation and benefits?

I think there's a real opportunity here, particularly for smaller businesses that need to make every dollar count. Employers can spend a lot on benefits that look great on paper but aren't necessarily what their people need or use. Of course, competitive pay matters, but financial wellbeing goes beyond a paycheque. Things like retirement savings contributions, flexible benefits or financial education resources can make a meaningful difference, depending on the team. Rather than adding another perk for the sake of it, I'd encourage employers to ask a simple question: is this actually helping our people? The best benefits aren't always the flashiest. They're the ones employees genuinely value and can use.

Who really cares about the holiday party, honestly? Why do employers have one?

It’s not time to write off the holiday party yet. There's still value in bringing people together, celebrating a successful year and giving colleagues a chance to connect outside of their day-to-day work. But a party doesn't necessarily make people feel recognized for their individual contributions, and I think that's where employers need to pay attention. Our research shows a strong preference for cash, so it makes sense to ask whether holiday budgets reflect what employees actually value. That doesn't mean cancelling the party altogether. It could mean scaling things back to leave more room for bonuses, while still giving the team a chance to celebrate together.