74% of S'poreans unhappy with bonus payout: survey
06 May 2013 1:29 PM
A survey has found that seven in 10 Singaporeans will leave their current employers -- despite receiving their bonuses this year.
SINGAPORE: A survey has found that seven in 10 Singaporeans will leave their current employers -- despite receiving their bonuses this year.
Online recruitment company JobStreet.com recently conducted a survey with 1,962 Singaporean employees in April 2013 in an effort to understand Singaporeans' acceptance with regard to their bonus payout.
62 per cent of those surveyed are senior level executives.
Amongst the 60 per cent of respondents who received bonuses this year, 74 per cent were dissatisfied with the payout. Most respondents said their bonuses averaged around one and two months of salary.
The highest bonuses received, at six months or more, were from the Finance & Banking, Marine and Offshore, Oil and Gas and Manufacturing sectors. However, this group only represented two per cent of the total respondents who received their bonuses this year.
Most of the employees surveyed were paid bonuses between S$2,000 and S$5,000.
26 per cent indicated their bonus had increased compared to last year. 33 per cent said their bonus remained the same, while 40 per cent reported receiving lower bonuses.
Among respondents who received bonuses, 75 per cent indicated they are harbouring intentions of leaving the company. Of those, 26 per cent are leaving despite being satisfied with their bonus payout.
Monetary rewards, such as bonuses and increment, were identified as the most powerful incentives with regards to encouraging high performance and retaining employees.
Most respondents commented that while fringe benefits like company incentive trips and medical and welfare entitlements are appreciated, cash incentives are more practical in dealing with the increasing cost of living in Singapore.
- CNA/ac
