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Expectations around compensation have dimmed slightly for finance professionals in Singapore, according to a new report.
Canvassing responses from 696 local professionals who are in the banking and finance sector, the eFinancialCareers Bonus Expectations Survey found 71% of finance professionals believe they will receive a bonus this year. The figure was a slight decline from last year.
In addition, the report found 42% of professionals expected their bonus to increase this year. This was again, a comparable decrease from last year when 50% of professionals working in financial services were expecting a bigger bonus.
“Results from the survey are not a reflection of the health of the financial services industry in Singapore but indicate that professionals have more realistic expectations when it comes to this year’s bonus payout,” George McFerran, sales and marketing director at eFinancialCareers, said.
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Three quarters of respondents (75%) also reported that their base salary has increased over the past year, 29% of which expected their bonus to decrease as a result.
“As we enter further into the new era of financial services we are seeing expectations around compensation align,” McFerran concluded.
“Over the past couple of years organisations have struggled to manage the expectations of their staff but we are now seeing their efforts trickle through.”