With slow global economy and industries facing restructuring, has not dampened the expectation of employees in Singapore, Hong Kong and Malaysia. According to the latest global Randstad Workmonitor report, confidence levels of these employees around securing a year-end bonus and salary raise is much higher than the global average.
Across all the three countries, 69 percent of employees expressed an expectation for a year-end bonus, compared to a global average of 49 percent and 66 percent expected a salary raise, compared to the global average of 53 percent.
|expecting year-end bonus||expecting salary increment|
|Singapore, Hong Kong and Malaysia||69%||66%|
Singapore employees expressed higher confidence around securing a year-end bonus, with a positive expectation of 68 percent, compared to only 58 percent expecting a salary raise.
73 percent of Singapore women were much more confident than men (63 percent) about getting a bonus. Where Millennials are concerned (respondents aged 18 to 34), 71 percent expected a salary increase compared to only 51 percent of their older peers, aged between 35 and 54.
Working Hong Kongers seem to place a stronger focus on salaries, with 67 percent stating they expect to receive a raise, compared to 60 percent who expected a bonus. Employees in the higher age bracket (70 percent), namely those aged 35 to 54, were more confident than Millennials (63 percent) about getting a salary raise, rejecting the global trend of more confident Millennials.
The confidence of Malaysian professionals surpassed both Singapore and Hong Kong employees with the highest expectations around both year-end bonuses and raises. 77 percent of employees in Malaysia surveyed expected a year-end bonus, and 74 percent stated they were expecting a raise.
Expectations of year-end bonus (%)
Expectations of salary increment (%)
Managing Director for Randstad Singapore, Hong Kong and Malaysia, Michael Smith noted, “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.”
“While it remains to be seen how generous organisations are with regards to rewarding their employees this year, it is crucial for these companies to consider the importance of keeping their employees happy. Research has shown that the cost of replacing an employee can surpass the cost of a raise and bonus by many multiples,” added Smith.
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