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HK report on financial incentives

Are you paying market rate bonuses?

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Most employees either have, or will soon, receive their annual bonus. But is what you’re rewarding staff with on par to the rest of the region?

According to information in the 2014 Hays Salary Guide, more than half of employers will award a bonus of 53% to staff this year. Forty-seven per cent of these bonuses will range between 11% and 50%, while 34% will be less than 10%.

When looking at the higher ranges of bonuses, 11% of employees will receive a bonus of between 51% and 99%, while 8% are lucky enough to receive a bonus that is 100% of their salary.

However, only 14% of companies said bonuses are guaranteed, and 12% of bosses said that no bonus is likely be awarded this year.

“If you and your company are performing well there is a good chance you will receive a bonus this year,” said Chris Mead, regional director of Hays in Singapore & Malaysia.

“Results from our survey show bonuses are directly related to employer performance (79%) and employee performance (87%).”

The survey also showed 9% of employers said 20% to 50% of staff can expect to receive a bonus this year, down slightly from 10% of employers who said the same thing last year. However, 13% of bosses said 10% to 20% of staff will be awarded a raise, up 1% from 2013.

A total of 13% of respondents also said less than 10% would receive a bonus, down from 14% of employers surveyed in last year’s survey.

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