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Despite severely impacting industries such as the hospitality and supply chain sector, COVID-19 had also affected other sectors of work as well. Ever since the pandemic started in 2020, companies had to revise certain work arrangements or revise their business strategies to cope with COVID-19.

Some companies have frozen salary increments and year-end bonus payouts as they readjust their bottom line. Even though it was disappointing for some, many employees chose to stay with their employer for a sense of security and comfort. Generally, most employees would value job stability and not many would take the risk to find new job opportunities elsewhere.

However, as Singapore’s economy recovers, Randstad Singapore sets out to find out how employers are rewarding their staff for their work contributions, and if they are doing enough to curtail the “Great Resignation”.

One in two respondents in Singapore said that they will be receiving a bonus in 2022 and at least 80% have a salary increment in 2022. Out of the respondents who said that they will be receiving a year-end bonus, 65% said that they are satisfied enough to stay with the company for the next 6 months.

singapore bonus and salary increment 2022
singapore bonus and salary increment 2022

37% of respondents expect to receive 1 to 3 months bonus payout

Of the respondents who said that they will be receiving a bonus, 43% are expecting to receive a bonus payout averaging between 1 month and 3 months, excluding their 13th month bonus. 1 in 4 respondents expects to receive a bonus of less than a month. The survey also further revealed that 12% of the employees  who will be receiving a bonus will get a bonus payout of 7 months or more.

Many employees stayed with the company over the past two years for a sense of security and comfort. There is also a lack of job opportunities in 2020 as companies tightened their budgets to adjust their bottom line and protect the employment of their existing workforce.

The great resignation or great reshuffling stage of the pandemic is when more companies start to hire new headcounts to drive their business plans forward to leverage the current economic environment. With more job opportunities available in the market, talent with in-demand skills have a strong negotiating power to request higher salaries and will likely look for a new employer if their current boss is unable to meet their expectations.

4 in 5 received a salary increment in 2022

The survey also found that 1 in 5 respondents will not be getting a salary increment this year. 13% of respondents said that they will receive a salary increment of more than 15%.

Not receiving a bonus may disappoint some employees as working in the midst of the pandemic situation may not have been easy for some of them. Some may have been extra diligent and made many additional contributions in their work. However, not receiving any form of reward or acknowledgment will only make employees unmotivated and feel that their efforts were simply dismissed.  


“what is your salary increment in 2022?”

1% to 3% 18%
4% to 6% 19%
7% to 9% 11%
10% to 15% 10%
16% to 19% 4%
More than 20% 9%
No increase to my salary 20%
I don't know whether I'll get a salary increment yet 9%

41% of respondents would rather take home an average bonus than work in the office all the time

When asked to choose between having the option to work remotely or receive a bigger bonus, 41% would rather work from home than have more money. This alarming statistic further highlights that money is not everything to some employees, and that it might take more than an attractive year-end bonus to retain employees.

flexibility over money singapore
flexibility over money singapore

After working from home for close to two years now, many employees have experienced the benefits of working remotely. They are able to save time and money from their daily commute and spend more time with their family. Without the distractions that they usually experience in the office environment, some employees are reportedly more productive when working from home.

It has also become clear to most of us that a flexible work schedule is a work arrangement that many are starting seeing more value in. The new changing expectations may mean that some employees view autonomy more favourably than having an attractive year-end bonus.

To improve the organisation’s ability to attract and retain good talent in today’s competitive labour market, employers should review and adjust their work policies and benefits schemes to meet the changing expectations of their workforce. For example, companies can offer flexible work schedules and work-from-home allowances to offset utility bills to give employees the freedom to work in a way that suits them. As compared to the past years, most companies now are going ahead with the implementation of a hybrid workplace model or flexible work schedule arrangement.

Employers should also regularly communicate these benefits to their employees and get feedback on whether they are helpful in driving work productivity and better well-being. Organisations that saw their employees become more satisfied and happy with the new benefits could also consider sharing their success stories and employee stories on their website and social media channels to attract more talent who share the same values and beliefs.

The 2022 Salary & Bonus Expectations Survey was conducted in February 2022 with 300 employed respondents based in Singapore.

download the 2022 salary & bonus expectations survey report.

curious to know how much other employers are offering?

Our specialised consultants at Randstad conduct market research and talent mapping regularly to discover the latest salary and bonus trends in Singapore. If you want to know more about the latest salary and bonus trends in your industry, you may reach out to our specialised recruitment consultants for more information.

If you’re a job seeker or employee who is curious about whether you’re fairly remunerated for your skills, give our Salary Calculator tool a try. In less than 2 minutes, you’ll receive a personalised salary report which allows you to learn how your salary, skills and experience match against your peers. The report aims to provide you with adequate market data so that you can confidently negotiate for your desired salary in your next role.

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