Survey says 44% of Singapore bankers dissatisfied of bonuses received

This is not surprising given that the same survey also reveals that Singapore reported the lowest mean bonus.

The eFinancialCareers 2011 APAC Bonus Survey reveals that this year’s bonus season is a mixed picture. A third (33%) of surveyed finance professionals in APAC experienced a decrease in bonuses in 2011. However, a similar proportion (32%) enjoyed an increase.

Looking at country differences, finance professionals in Singapore did not fare as well as their counterparts in Australia and, Hong Kong and China. Top earners across the region saw the highest decrease. Those in the highest salary quintile (top 20% salary level), were much more likely to report a decline in bonus (47%) than those in the bottom salary quintile (29%).

Table 1: How did your 2011 bonus compare to the previous year's bonus?

                                          APAC           Hong Kong and China                  Singapore                   Australia
Increased                             32%                         34%                                    29%                            34%
Decreased                            33%                         32%                                    34%                            33%
Stayed the same                    21%                         20%                                   22%                            20%
Not applicable                         14%                          14%                                  15%                            13%


Those with an increase were most likely to cite ‘personal performance’ and those with a decrease were most likely to cite ‘firm performance’ for their bonus change in 2011.

Respondents were asked about ‘satisfaction’ with their bonus and also how it compared to their expectations. Across the region, satisfaction levels with bonus payments were at their highest in Australia, where nearly half (45%) said they were either very satisfied or somewhat satisfied. This compared to four in ten respondents (40%) in both Singapore and, Hong Kong and China. The highest 2011 mean bonus in the region was also paid in Australia, and the lowest in Singapore.

Table 2: How satisfied are you with your 2011 bonus?
                                                                          APAC           Hong Kong and China               Singapore         Australia
Very satisfied                                                      10%                           9%                                   10%               12%
Somewhat satisfied                                              31%                          31%                                  30%              33%
Neither satisfied nor dissatisfied                           20%                          21%                                  21%              15%
Somewhat dissatisfied                                          18%                         20%                                  18%              17%
Very dissatisfied                                                     21%                       19%                                   22%             24%
Please note totals may not equal 100 due to rounding
Source: eFinancialCareers 2011 APAC Bonus Survey

In Singapore, 44% of respondents reported their bonus ‘was beneath expectations’, higher than the regional average of 41%. Only 10% of financial employees in Singapore said their 2011 bonus ‘exceeded expectations’.

Table 3: Did your 2011 bonus meet your expectations?
                                                     APAC           Hong Kong and China           Singapore              Australia
It exceeded my expectations         11%                        11%                             10%                      13%
It met my expectations                    39%                       40%                              37%                     43%
It was beneath my expectations     41%                      37%                               44%                     38%
I had no expectations                       9%                       12%                                9%                       6%
Source: eFinancialCareers 2011 APAC Bonus Survey

“Considering the results from the investment banks in the 2nd half of 2011 these figures should be of no surprise,” comments George McFerran, Managing Director, Asia Pacific, eFinancialCareers. “Disappointment among finance professionals, however, should not be ignored, as it is a legitimate source of concern. Firms may not fear retention reprisals this season, given the targeted layoffs and moderation in recruitment activity, but top performers may consider moving on if a better opportunity comes along.”