Here's why bosses might just give higher bonuses this year

Scared to lose their staff?.

According to a JobStreet.com survey, 22% of employers said they intended to give a higher increment in 2014 citing staff retention as a key reason. 

18% planned to give salary increments of above 7%. The main beneficiaries of these increments are managers as employers indicated that they are allocating the biggest slice of the pie to this group. The average salary increment is likely to be 4.5%.

Looking from the employee’s point of view, the JobStreet.com survey showed that, over 80% indicated that they had high expectations for their increment and bonus pay-out this year. They felt that they deserved to be paid more in return for their contributions to the company.

60% mentioned that their work performance had met their company’s expectations.

The strong job market is also having an impact on staff loyalty. 45% of employees compared to last year’s 26%, indicated that they will still explore better career opportunities outside of their company, despite receiving bonuses and increments that meet their expectations.

Decision for a job change is largely driven by factors such as better remuneration packages, staff benefits, work-life balance and career advancements.

A total of 850 Singaporean employees and 125 employers took part in this survey conducted by JobStreet.com in January 2014.