7 in 10 Singaporeans dismayed over bonus payout: survey

75% are actually mulling over resigning.

According to a recent survey by JobStreet.com about Singaporeans’ acceptance of their bonus payout in 2013, amongst the 60 percent of respondents who received bonuses this  year, a shocking 74 percent 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.

However, this group only represented two percent out of the total respondents who received their bonuses this year. Most of the employees surveyed were paid bonuses between SGD2,000 and SGD5,000. Twenty-six percent indicated their bonus had increased compared to last year. Thirty-three percent said their bonus remained the same, while 40 percent reported receiving lower bonuses.

Among respondents who received bonuses, 75 percent indicated they are harbouring intentions of leaving the company.

Of those, 26 percent 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/welfare entitlements are appreciated, cash incentives are more practical in dealing with the increasing cost of living in Singapore.

One in particular responded, “Despite the market's outlook, employees should still be rewarded for their valiant effort. Cuts and saving measures should be done towards company's assets or equipment/production costs instead of manpower.”

A total of 1,962 Singaporean employees, of which 62 percent are senior level executives, took part in this survey conducted by JobStreet.com in April 2013.