Employers in China are using performance-related bonuses in addition to salary increases to reward their top performers this year, according to findings in the recently released 2015 Hays Asia Salary Guide.
China already leads its Asian neighbours when it comes to the extent of its salary increases, and the survey of 2,361 employers, representing over four million (4,017,026) employees, shows that employers are using bonuses to reward top talent even further.
The Guide found that 51 per cent of employers across Asia 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.
Get your copy of the 2015 Hays Asia Salary Guide by visiting www.hays.cn/salary-guide, contacting your local Hays office or downloading The Hays Salary Guide 2015 iPhone app from iTunes.
In China Hays operates from four local offices: Shanghai, Beijing, Suzhou and Guangzhou.
Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
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Hays is the leading global specialist recruiting group. It is the expert at recruiting qualified, professional and skilled people worldwide.
Hays Specialist Recruitment (Shanghai) Co., Limited ("Hays China") operates across the public and private sector, dealing in permanent positions. Hays China’s eighteen specialisms span Accountancy & Finance, Banking, Architecture, Construction, Education, Engineering, Executive, Finance Technology, Human Resources, Hays Resource Management, Information Technology, Insurance, Life Sciences, Manufacturing & Operations, Oil & Gas, Property and Sales & Marketing.
Hays China operates four local offices in Shanghai, Beijing, Suzhou and Guangzhou. It is the local representative office for Hays plc, which is a global company. As at 30 June 2014 the Group employed 8,237 staff operating from 237 offices in 33 countries across 20 specialisms. For the year ended 30 June 2014, Hays placed around 57,000 candidates into permanent jobs and around 212,000 people into temporary assignments. 24% of Group net fees were generated in Asia Pacific.
Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA.