Malaysian professionals: 77% expects a bonus, 74 pct awaits pay hike

How many of us are getting more than 6 months bonus for 2016 performance? Just kidding, what about 2 months? I can see quite a number smiling now I think. My staff told that her friend hates her office nearby KLCC. It’s way too jammed and when it rains, she would have to wait at least half an hour after the rain stops before she could leave. Else, she would just be jammed for the next half an hour trying to get out of her parking. Crazy? Not really, her friend is still working at the same company, same office for the past 13 years. Major reason? Bonuses are seldom less than 2 months. It’s sad to leave for another job only to suffer the potential of not having any bonus the next year right. Speaking of bonus for 2016, one report has emerged which has painted a rosy year for Malaysian professionals. Rosy as in when compared to the world.

Malaysian professionals. 77 percent of them expects a bonus and 74 percent of them awaits a pay hike. This is as per the latest global Randstad Workmonitor report. in the world, only 49 percent of the global respondents expect a bonus while 54 percent expects a salary increment. (Now you know why I really hate it when people keep saying Malaysia is about to go bankrupt?)  Anyway, it’s either the negative view of Malaysia about to go bankrupt coming true and thus all these expectations of a bonus and increment are all just a dream…. Else, if 74 percent of all professionals are getting a bonus, then what is really happening? Oh yeah, full report in thestar here. We are higher than even Singapore. 68 percent of them expected year-end bonuses while 58 percent anticipated pay raises. Randstad Singapore managing director for Randstad Singapore, Hong Kong and Malaysia, Michael Smith says: “Research has shown the cost of replacing an employee can surpass the cost of a raise and bonus by many multiples.”

I agree. In fact the loss of any good employee for a few months before a replacement comes in would mean huge losses for the company and not just the salary of the person. Now do you know why companies are willing to pay so much to recruitment agencies to fasten the hiring process? Assuming a manager with RM10,000 salary, the billing for a successful hire by the recruitment agency can be easily RM30,000 or higher.  Well, assuming all these professionals really do get their bonuses, what does it mean for the Malaysian market? Well, perhaps Q1 will be a good quarter since many people would have more to spend. It does not include me though as my company’s financial year is July – June. Haha. So, anyone expecting angpow from me, please expect a small one yeah. Happy spending your bonus! (Oh yeah, save a bit for property…)

written on 12 Dec 2016

Next suggested article:  Average bonus 1.4 months, do what with it?

 

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