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In Sign of the Times, Bonuses on Main St. Dry Up

Tuesday, 24 Feb 2009 | 9:19 PM ET
Sign of the Times: Bonuses on the Decline
Bonuses are now shrinking in sectors other than banking, with Jeff Taylor of Eons.com and Carmen Wong Ulrich.

We all know that bonuses on Wall St. are all but a thing of the past. But as the recession deepens, Main St. is feeling the bonus pinch, too. Companies of all sizes that award bonuses and commissions to top employees are scaling back or eliminating the extra compensation. But these days, just having a job should be thought of as a bonus, according to Monster.com founder Jeff Taylor.

The definition of a bonus is something given in addition to what is expected. Given, not earned. Taylor says bonuses are out of fashion across the job spectrum and should not be counted on by anyone. If you do get one, his advice is this: bank it, don’t flaunt it. But if your once-steady bonus is dramatically cut, he says, it could be a sign that your job is next.

Watch the accompanying video to meet a man who found that out the hard way.


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