A slow global economy and industries facing restructuring have not dampened the expectations 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 three countries, 69% of employees expressed an expectation for a year-end bonus, compared to a global average of 49%; and 66% expected a salary raise, compared to the global average of 53%.
Singapore employees expressed a higher confidence around securing a year-end bonus, with a positive expectation of 68%, compared to only 58% expecting a salary raise. Singapore women (73%) were much more confident than men (63%) about getting a bonus. Where Millennials are concerned (respondents aged 18 to 34), 71% expected a salary increase compared to only 51% of their older peers, aged between 35 and 54.
Working Hong Kongers seemed to place a stronger focus on salaries, with 67% stating they expected to receive a raise, compared to 60% who expected a bonus. Employees in the higher age bracket (70%), namely those aged 35 to 54, were more confident than Millennials (63%) 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% of employees in Malaysia surveyed expected a year-end bonus, and 74% stated they were expecting a raise.
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 the cost of replacing an employee can surpass the cost of a raise and bonus by many multiples,” added Mr Smith.