Not getting a bonus in 2019 means a new job search for some, finds study
More than eight in 10 Singapore-based employees are expecting to receive a bonus this year, according to a recent study.
About 69% of respondents said they anticipate an annual bonus between one and two months.
One in three employees said they would start looking for a new job if they didn’t get a bonus.
The other two in three employees (64%) said that bonuses are important to them, but it is not the only factor that would push them to seek new job opportunities.
“2018 was a great year of growth for businesses in Singapore,” Jaya Dass, Managing Direc-tor of Randstad Singapore told HRD. “Employees are expecting bonuses as a form of re-ward not just for their hard work, but also for their loyalty to the organisation.”
Singapore-based companies have plans to share profits with their staff this year in an effort to boost employee morale. More than eight in 10 companies (82%) had planned for a bonus payout this year — the figure was at 84% in 2018.
For companies are giving out bonuses in 2019, 81% said that the employees should expect a bonus averaging between one and two months.
While 27% of employees are expecting an annual bonus averaging three to five months, only 17% of the employers indicated that their bonus payouts meet that expectation. Only two companies of all surveyed are giving five months or more in annual bonus.
“Employees choose to stay with their employers because of a number of reasons,” Dass said. “They include the feeling of job satisfaction and having a strong sense of belonging in a community.
“We recommend employers to consistently communicate how HR initiatives can benefit em-ployees in the long-run, as it is important for their staff to establish new working relationships with their managers and colleagues and be proud of the work they do.”
Out of the 36% who would look for a new job if they did not receive a bonus, 78% of re-spondents are from the banking and financial services industry. The remaining 22% of re-spondents work in the construction, property and engineering sectors.
