Results of the recent eFinancialCareers Global Bonus Survey revealed that Singapore-based finance professionals received a 13 percent increase in their average bonus for 2010, compared with 2009. While 53 percent of the respondents indicated that their bonus was higher than in 2009, only 45 percent of those surveyed said they were satisfied with their bonus.
According to the survey, Hong Kong-based finance professionals received a 25 percent increase in their average bonus for 2010, compared with the previous year, the highest among all the markets surveyed.
It also revealed that the average bonus in Asia contrasts starkly with the five percent fall in average bonuses in the United States.
Despite the increased bonuses this year, attrition rates will likely grow, as 62 percent of Singapore-based professionals are set on changing positions in 2011, with 13 percent of them considering new positions within their current firms and another 49 percent seeking to switch firms. 19 percent of the respondents, who have no plans to leave their jobs, received on average higher bonuses than those who want to change positions.
“Dissatisfaction amongst Singapore-based finance sector professionals will likely fuel post-bonus turnover across the city’s finance industry, a sector that is already experiencing significant talent shortage as companies look to expand,” said George McFerran, Head of Asia Pacific, eFinancialCareers.