83% Malaysia-Based Employees are Expecting Annual Bonus in 2019
A survey by Randstad Malaysia found that roughly 83% or more than 8 in 10 Malaysia-based employees are expecting to receive a bonus in 2019. This is a 6% increase from 2018.
Moreover, 60% of the respondents said that they are anticipating an annual bonus averaging one to two months.
Country Director of Randstad Malaysia, Ryan Carroll, said workers were expecting to be rewarded for their contributions and loyalty to the employers, especially if they had stayed with their employers through major political changes and business transformation projects.
He added that workers should upgrade and learn new skills to show their worth to employers. This will help them to stay employable and relevant, as well as allow them to advance their careers faster.
Planning to Keep Your Employees? Bonus is Not Enough
59% of the survey respondents think that receiving a bonus is not the only factor that will make them start considering their career options. Though, 98% of respondents think that receiving a bonus is essential to their engagement with the employer.
Carroll said that there is a combination of factors that drive an important employee to leave the company. Based on the 2018 Employer Brand Research, the main reason why people quit their companies is because of the limited career path.
He added that companies that are able to benefit from highly-engaged employees are those that always present their staff with a chance to develop and grow within the company.
According to the survey, almost 39% said that they will start finding a new job if they did not receive a bonus this year. 53% of these respondents are working in the construction, property and engineering sector, while 19% are working in the information technology sector.
Lower GPD Forecast Doesn’t Stop Companies from Giving Bonuses
Based on the survey, Malaysia-based companies plan to share profits with their staff in 2019, hoping to boost employee retention and improve employee engagement.
85% of the companies surveyed had prepared for a bonus payout in 2019. 79% of them have planned to reward their staff with a bonus averaging one to two months while 20% are rewarding their staff three to five months bonuses. Fascinatingly, there’s one company surveyed that is giving five months or more in annual bonus.
On the other hand, 33% of the employees surveyed are anticipating an annual bonus averaging three to five months. This means that employees’ expectiations of bonuses are not in-line with the companies, as many are expecting a higher payout than what they will probably receive in reality.
The survey covered more than 160 companies and 400 Malaysia-based employees across different sectors over a six-week period from December 20118 to January 2019.
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Source: Randstad Malaysia
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