yeah! we will soon be number 1 in being stingy!
When it comes to rewarding employees, a survey conducted by recruitment firm Robert Half found that Singaporean employers are far from being generous.
In fact, they were ranked 3rd most ‘stingy’ in the world, behind Chile and China.
The survey involved 1,800 human resource (HR) managers from 17 countries.
68 per cent of the HR managers indicated that it is common to see workers receiving a promotion with no pay hike in Singapore.
In contrast, only 26 per cent of the managers interviewed in Japan said the same.
53 per cent of the companies in Singapore said the reason they do not provide pay increments is because they rather give out bonuses instead. The other 47 per cent said they would rather compensate their workers with a more flexible work schedule rather than providing pay increments when employees are promoted.
Stella Tang, director of Robert Half Singapore, said companies face a lot of risk by promoting their workers without a pay increment.
Ms Tang added that if a company is not financially capable of providing monetary incentives, this has to be made known to the employees.
“The most important thing is to let employees know they are valued,” she said.
Matthew Chapman, CEO of Chapman Consult Group, said that many companies in the financial sector recognise the efforts of their employees by giving them a promotion.
But he said that besides promotions, companies must also look at other rewards to retain their staff.