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71% of Singapore bankers confident of a bonus; fewer expect bumper payouts: poll
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 on Tuesday.
Almost three quarters (71 per cent) believe they will receive a bonus this year. The figure has remained stable compared to last year when 72 per cent said they would receive a bonus.
The majority also expect their bonus to increase compared to last year, however this figure (42 per cent) is down compared to last year when half of 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 during September and October 2014.
Said George McFerran, sales and marketing director at eFinancialCareers: "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. We've often seen a mismatch in the past."
He added: "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 will 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."