74% of S'poreans unhappy with bonus payout: survey
A survey has found that 7 in 10 Singaporeans will leave their current employers - despite receiving bonus this year.
Online recruitment company JobStreet.com conducted a survey with 1,962 Singaporean employees last month, in an effort to understand Singaporeans' acceptance with regards to their bonus payout.
Sixty-two 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.
But 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.
Twenty-six per cent indicated their bonus had increased compared to last year.
Thirty-three per cent said their bonus remained the same, while 40 per cent reported receiving lower bonuses.
Among respondents who received bonuses, 75 percent 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.
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