No one in the company has received his Christmas bonus yet.

Here, the indefinite pronoun he (his) refers to no one. But since it appears to exclude females and is thus considered by many to be sexist language, several alternatives have been introduced. The most common is to replace he with he or she (his or her), as in:

No one in the company has received his or her Christmas bonus yet.

However, this phrase begins to sound awkward if used more than once in several sentences. Another alternative is to use the plural pronoun AND antecedent, as in:

None of the employees have received their Christmas bonuses yet.

Yet another option is to avoid the pronoun altogether, as in:

No one in the company has received a Christmas bonus yet.