S'pore bankers 'more realistic' on bonus payouts this year
BANKERS are still going to have a merry Christmas, but perhaps with less bubbly. Seven out of 10 - same as last year - are expecting a bonus, but more are being realistic about the payouts, according to a survey.
Financial-services professionals in Singapore are confident about receiving an annual bonus again this year, but fewer of them are expecting bumper payouts, said the latest survey by eFinancialCareers released yesterday.
Almost three quarters (71 per cent) believe they will receive a bonus this year. The figure has remained stable compared to that of last year, when 72 per cent said they would receive a bonus.
The majority also expect their bonus to increase compared to last year's. However, this figure (42 per cent) is down compared to that of last year, when half of the professionals working in financial services were expecting a bigger bonus.
A further 36 per cent are expecting their bonus to match last year's and just under a quarter (22 per cent) are anticipating a smaller bonus.
The eFinancialCareers bonus-expectations survey polled 696 professionals working in Singapore in banking and finance last month and this month.
George McFerran, sales and marketing director at eFinancialCareers, said: "Results from the survey are not a reflection of the health of the financial services industry in Singapore, but (they) indicate that professionals have more realistic expectations when it comes to this year's bonus payout. We've often seen a mismatch in the past.
"We are seeing companies taking an increasingly strategic approach to splitting the bonus pot, as they have come under considerable scrutiny in recent years. Top performers are heavily prioritised and a number of employers have also significantly increased basic salaries for front-office revenue-generating staff."
Looking at salaries across the industry, three quarters of respondents reported that their base salary has increased over the past year; of which nearly three in 10 expect 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. 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," said Mr McFerran.
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