With salaries under pressure, employers in Hong Kong have turned to bonuses based on performance to reward their top achievers this year, according to findings in the recently released 2015 Hays Asia Salary Guide.
The survey of 2,361 employers, representing over four million (4,017,026) employees, found that 63 per cent of employers in Hong Kong will increase salaries by a moderate 3 to 6 per cent. But 51 per cent will award bonuses to more than 50 per cent of their staff this year.
In the majority of cases these bonuses are related to employee performance (80 per cent) and employer performance (73 per cent). This shows that employers are using performance-related bonuses to ensure they only reward employees who are achieving results.
Only 11 per cent of employers said bonuses are guaranteed, while 4 per cent said they are related to hours billed.
In terms of the value of these bonuses, the Hays Asia Salary Guide found that 11 per cent of employers will award 100 per cent of staff salary as a bonus. Another 11 per cent of employers will award between 51 and 99 per cent of staff salary as a bonus. The majority of employers however are far more conservative, with 44 per cent offering between 11 and 50 per cent of staff salary as a bonus, and the final 34 per cent offering a bonus equal to less than 10 per cent of staff salary.
“If you and your company are performing well there is a good chance you have or will soon receive a competitive bonus,” says Christine Wright, Managing Director of Hays in Asia.
“The demand for highly skilled professionals is one reason why bonuses continue to remain popular. Employers who are unable to offer a significant salary increase to their top staff are also using bonuses as a way of rewarding, and hopefully retaining, their best people.
“This is very important in a tight candidate market,” she said.
Hays is located in Hong Kong at Unit 5803-7, The Centre, 99 Queen's Road Central, Hong Kong. Phone +852 2521 8884 or email Dean.Stallard@hays.com.hk
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
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