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S'pore finance execs get big part of pay in bonuses
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| Grace Ng |
Tue, Nov 20, 2007
The Straits Times
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FINANCE professionals in Singapore now get a larger part of their pay in bonuses compared with their counterparts in other markets, a new survey has found.
A key factor is the very tight market for talent in the Republic. Almost all finance professionals here get bonuses.
And 14 per cent enjoy bonuses of more than 30 per cent of their base salaries, according to global recruitment agency Robert Half International.
This is the highest percentage among the 5,000 professionals across 17 markets that were surveyed in the poll conducted in the first three quarters of this year.
| In comparison, 12 per cent of Hong Kong finance professionals had bonuses of over 30 per cent of their pay, and 9 per cent in the United States.
This prompted Mr Tim Hird, managing director of Robert Half Singapore, to comment that the high demand for talent in Singapore's financial sector has pushed companies to enlarge their bonus payouts 'in the last year or so'.
'In other key global financial centres such as Hong Kong, London, New York, Sydney and Tokyo where the employment climates are not as competitive, finance professionals are receiving bonus payouts that are less significant than those of their counterparts in Singapore,' said Mr Hird.
'This trend is becoming more evident as the labour shortage persists, encouraging businesses in Singapore to rely more heavily on pay increases and bonuses, as well as sign-on bonuses, as tactics to retain and attract talent.'
Bankers in Singapore acknowledged that the battle for top talent, especially those in middle management positions, has driven up the size of bonuses. A human resource executive of a US bank said: 'Many candidates I interview claim they already have one or two other offers on the table if they chose to leave their current job, so a higher bonus is key to luring and retaining talent.'
Of the Singapore survey respondents, 96 per cent got annual bonuses - the highest among the markets polled. Hong Kong came in second at 93 per cent.
The two cities are almost on a par in doling out generous bonuses. Some 36 per cent of Singaporean professionals surveyed got bonuses of more than 15 per cent of their base pay, compared to 35 per cent of Hong Kong professionals.
This is the first time Singapore has been included in this annual survey, which is now in its fifth year. It underscores the Republic's growing importance as a key player in the global market place, said Mr Hird.
The survey also found that while bonuses were considered the most highly valued benefit by Singapore respondents (65 per cent), many also emphasised the importance of non-monetary compensation such as health insurance and flexible hours.
graceng@sph.com.sg
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