FINANCIALLY, it’s not the best of times for a number of companies, which will not be able to meet the expectations of employees in relation to the traditional Christmas bonus this year. But this harsh reality will not be shared by employees at some of the island’s thriving companies for whom hefty bonuses await this holiday season.

Many of these companies are part of the financial services industry, which did well this year despite the recession.

Barita Investments, for example, made $98.6 million net income for the 12 months to September 30, 2009, and will be sharing its good fortunes with its 72 employees, this Christmas.

Ian McNaughton, general manager of the 32-year-old investment firm, says the company has always had a profit-sharing programme where a percentage of the returns is shared with its employees. He notes that despite the current global financial and economic crisis which saw some companies cut back on spending, employees of Barita Investments would be rewarded for their efforts.

“If the company made $1, the profit would be shared with the employees,” says McNaughton. “It is not something that the company has to do… It is an incentive to perform efficiently and to meet your targets to ensure that the company is profitable.”

The National Commercial Bank (NCB), which also has a profit-sharing culture, made over $10 billion in profits during its last financial year which ended in September.

Sheree Martin, NCB senior assistant general manager of group marketing and communications, says employees are treated specially for their commitment to the bank, no less so at Christmas.

“As valued stakeholders, NCB employees are equally appreciated for their loyalty to the organisation and receive the following: a handsome profit-share just in time for Christmas, they enjoy a sumptuous Christmas luncheon, merit pay, which is referred to as a bonus in some organisations. It is awarded as a percentage of their salary based on the results of their performance appraisals,” Martin tells Sunday Finance.

NCB’s profit-sharing bonus is calculated based on tenure and rank, among other things, and with a $10-billion profit, bonuses can go into the millions for senior executives.

With the image of a multibillion-dollar company to maintain, NCB is not scrimping on celebrations for the season, either. Martin points to ‘cost reduction’ strategies that have enabled the bank to maintain its culture of giving during the Christmas season.

“Whether or not there is a recession, it is a standard operating procedure, for all NCB staff, to manage costs and we therefore consistently look at all our initiatives and find ways to improve the value and where we can, we do so,” she says. “So while our activities are generally the same for the season, we have made adjustments where possible. For example, while we have increased the number of corporate calendars that we distribute at this time of year, the overall cost of production was less this year based on the measures we took.”

Telecoms companies are also known for their generosity to staff at Christmas.

Though there was no word on a bonus payment, Digicel, famous for feting employees during this time of year, doesn’t appear to be holding back this time around.

“With Christmas just around the corner, Digicel is looking forward to celebrating this festive season in a number of different ways,” says Cynthia Reid, Digicel director of human resources.

“Our employees have worked very hard this year to make sure that Digicel continues to deliver the best value to our two million customers and we have a few treats up our sleeves to say thank you for all of their hard work and dedication,” Reid says.

In addition to the surprise treatment, Digicel will stage another of its mega-parties for its employees.

“The Digicel Sports and Social club is renowned each year for pulling out all of the stops to stage a great staff Christmas party, which last year featured special guests such as Usain Bolt, Elephant Man, Morgan Heritage, and many more. Plans for this year’s party are well under way to make sure that we celebrate another great year in true Digicel style,” reveals the human resource director.

The situation is not as rosy for companies in industries more adversely impacted by the recession. John Marzouca, head of transport firm Zoukie Trucking, says it has been a “difficult last six months”, but the company will be paying a bonus to its over 100 employees. The exact amount of the bonus is not yet decided.

“We pay a bonus every year,” says Marzouca. “When we check on our figures and everything, then at that stage we decide.”

He emphasises, however, that sometimes the bonus may be less than what the employees have come to expect. That may be the case this year, Marzouca tells this newspaper, as bonuses may be reduced because of the decline in the quanity of imports which the trucking company relies on for a significant portion of its earnings.