JobStreet.com Philippines conducted a survey from September 30 to October 15, 2014 for industries with biggest employee bonuses. A total of 1,260 candidates responded, hailing from various industries and with a good mix of position levels from entry level to Directo/AVP/VP. On the employees’ side, 143 companies from variety of industries took part in the survey.
The recent JobStreet.com Bonuses Report survey revealed that banking and finance, BPO and call center, and manufacturing are top three industries in providing guaranteed bonuses to their employees, followed by food and beverages, real estate, and advertising/media. These industries were revealed to provide guaranteed bonuses for four months or more on top of the mandated 13th month pay.
Banking and Finance professionals also came out on top for those getting three months of guaranteed bonuses, followed by those working in the real estate industry. The banking and finance industry still topped the list of industries guaranteeing at least one month’s worth of bonus on top of the regular 13th month pay. Other industries providing at least a month of guaranteed bonus include telecommunications and retail.
Meanwhile, BPO/call center industry led the list of companies giving non-guaranteed or performance-based bonuses. Also companies in the retail, shipping/logistics, social services and education give the least amount of bonuses.
A gap was seen between perception of employers and employees in the matter of how companies fare with the amount of bonuses they provide in comparison to others in the same industry. While 46% of employers claim that their company’s bonuses are at par with what other companies in the same industry are giving out, 56% of employees claim that their companies provide less bonuses than other companies.
Both employees and employers downplayed the role of bonuses in retention and attrition. Only 22% of employees claim that a demotion of their bonus scheme will make them look for other employment opportunities. 66% said that while bonuses are important, other factors come into play when deciding to stay with their company. Employers were more dismissive of bonuses as a factor in employee retention, with only 13% saying it is a major factor in making employees stay with the company. 56% of employers were more non-committal, claiming that while bonuses are important, they are only one of the many factors in employee retention.
Eileen Camarillo-Go, Marketing Manager of Jobstreet.com Philippines said that “employees wait for their bonuses before submitting resignation letters and most resignations take place on the months of January, March, and August.