We have continued to receive several inquiries and consultation requests from our clients regarding employee salary increases and bonus payouts for the months to come. To provide accurate feedback, JAC Recruitment Singapore has conducted surveys among 131 of our partner companies operating across all industries to acquire a perspective on current trends of salary and bonus.
Average Salary Increment for Employees (including executives, managers, and above)
The results showed that 20% of companies had no immediate plans for salary increases at the time of the survey. Of the 80% of employers who would be making salary increases, most had indicated that they would be looking at a 1.1% to 4% salary increment in 2021. These numbers are similar to those of the previous years surveyed.
Bonus Pay-Out (excluding fixed annual bonus i.e. AWS)
Following the survey results, 17 companies (13%) did not have bonus pay outs in 2020. 62% of surveyed companies were planning to provide bonus pay outs of approximately 1 to 2.9 months’ salary, whereas only 7% will not implement salary increments nor bonuses for all employees in 2020.
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Bonus Pay-Out Month
The majority of employers surveyed provide company bonuses in December. We note that December to January is a peak period for candidates to seek job market advice for the year. Hence, we suggest guarding against headcount attrition in the same period; this is the best chance for employers to review the previous year, set expectations for the new year, and reward for proven performance to improve employee retention. On the other hand, this is also a good chance for employers to take advantage of the new year’s candidate movement and take the opportunity to attract talent to set the course for a fruitful business year.
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Should you have any questions or inquiries regarding this survey, please feel free to contact us at singapore@jac-recruitment.sg