In Singapore, 83% of employees expect to receive a bonus this year, revealed the Randstad Bonus Expectations Survey 2019. Of these employees, 69% anticipate an annual bonus of between one and two months.
Further, while nearly two in three employees (64%) consider bonuses important, it is not the only factor that would make them consider the possibility of switching jobs.
On the other hand, the remaining 36% of respondents do consider bonuses as an important element of employee retention, and would consider switching jobs if they receive no bonus this year.
On the other factors driving employee retention, Jaya Dass, Managing Director, Randstad Singapore, commented: "Employees choose to stay with their employers because of a number of reasons. They include the feeling of job satisfaction and having a strong sense of belonging in a community."
He also recommended that employers consistently communicate how HR initiatives can benefit employees 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.
"This fosters a positive working culture that promotes collaboration, productivity and efficiency."
Bonus expectations between employees and employers are misaligned
Contrary to the expectations of employees, while 27% of respondents do expect an annual bonus averaging three to five months, just 17% of employers surveyed indicated their bonus payouts meet this expectation, thus showcasing a misalignment in both sides' expectations.
In fact, only two out of the over 100 employers surveyed are giving five months or more in annual bonus.
At the same time, of the companies with bonus payouts this year, 81% said employees should expect a bonus averaging between one and two months.
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Lead image and infographics / provided