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Can bonuses really increase staff retention?



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Bankers in Singapore may be among the least disappointed with their bonuses, but they’re also among the most likely to change jobs once bonuses are paid.

According to the 2013 Global Bonus Survey by eFinancialCareers, 46% of finance professionals are looking to switch careers this year.

This is despite the fact that 42% of Singaporean employees in the finance sector saw an increase in their 2013 bonus as compared to their bonuses in 2012.

[ALSO READ: Salary increments expected in 2014]

The survey, which polled over 2,650 finance professionals in the UK, US, Hong Kong, Singapore and Australia, reported the percentage of finance staff planning on leaving their current roles is higher in Singapore than in the UK (38%) and US (35%).

The report included while four in 10 Singapore employees in the finance sector did see an increase in their 2013 bonus, the average bonus size was down 4% in 2013.

“45% of respondents said their bonus exceeded or met their expectations,” the report said. “A similar proportion (42%) said their bonus was beneath their expectations; this is slightly more than last year when 39% said their bonus was beneath their expectations.”

Personal performance was highlighted by 45% of respondents as the reason for receiving an increase in bonus. This was followed by firm performance at 19%.

“Those reporting a decrease blamed firm performance (51%) and changing employers (15%),” the report said.

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