40% of staff in China look to quit over low bonuses

Unhappy with their annual bonuses for 2014, 40% of employees in China are looking to find a new job this year.

With bonuses falling below expectations, the overall satisfaction level of employees stood at 2.23, out of a maximum of 5.

Only around 16% of white-collar employees have received their annual bonus so far, despite about 40% of them being promised one, a survey of more than 10,000 white-collar employees by Zhaopin.com revealed.

Bonus amounts varied, depending on overall work experience. Employees with more than 10 years of work experience in white-collar jobs averaged a bonus of 28,000 yuan (S$6,054) while those with less than three years of work experience were pegged at about 7,000 yuan (S$1,500).

Those between three to five years of white-collar work experience can expect an average of about 13,500 yuan (S$2,900). Meanwhile, the highest average annual bonuses were handed to employees based in Beijing, close to 20,000 yuan (S$4,300).

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More than 90% of staff have been promised their bonuses in cash, while the remaining 7% of white-collar workers are expected to get theirs in-kind.

Employees plan to utilise their bonuses primarily for saving and personal consumption. More than 40% say they will save their bonus amounts, while a similar number plan to use the money for their elders.

About 26% of them plan to invest a part of it with the bank, while about one-fifth plan to spend it on shopping. Using the money for learning for personal growth (15%) and personal health (13%) were not reported to be priorities.

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