Employees in Singapore are confident of receiving a year-end bonus and salary increment, despite the slow global economy and retrenchments taking place in some industries.

According to the latest global Randstad Workmonitor report, confidence levels of these employees in terms of securing a year-end bonus and salary raise is much higher than the global average.

More than two-thirds of the respondents in Singapore, or 68 per cent, said they expect to receive a year-end bonus, while 58 per cent expect to receive a raise, showed the report.

This compares with the global average of 49 per cent for a year-end bonus and 53 per cent for a salary increment.

Singapore women (73 per cent) were much more confident than men (63 per cent) about getting a bonus. Where millennials aged 18 to 34 are concerned, 71 per cent expected a salary increase, compared with only 51 per cent of their older peers aged between 35 and 54.

“It is interesting to see that despite the weaker economic climate, employees in Singapore, Hong Kong and Malaysia have remained very confident about their remuneration,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia. “While it remains to be seen how generous organisations are with regard to rewarding their employees this year, it is crucial for these companies to consider the importance of keeping their employees happy. Research has shown the cost of replacing an employee can surpass the cost of a raise and bonus by many multiples.”

In Hong Kong, employees placed a stronger focus on salaries, with 67 per cent stating they expected to receive a raise, compared with 60 per cent who expected a bonus.

The confidence of Malaysian professionals surpassed both Singapore and Hong Kong employees, with the highest expectations around both year-end bonuses and raises: 77 per cent of employees in Malaysia surveyed expected a year-end bonus, and 74 per cent stated they were expecting a raise.

The Randstad Workmonitor covers 34 countries and is published four times a year. The study procures data from at least 400 interviews in each country.

Source:
courtesy of TODAY

by TODAY ONLINE

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