5 industries with biggest employee bonuses
MANILA, Philippines – Employees in banks and call centers receive the biggest bonuses, according to a recent survey by an online jobs site.
In its 2014 Bonuses Report survey released on Wednesday, October 29, Jobstreet.com Philippines said that the following industries top the list of providers of guaranteed or regular bonuses to employees, on top of the mandated 13th month pay:
- BPO/Call center
- Manufacturing (i.e. automotive, semi-conductors)
- Food & Beverage
- Real Estate
These industries, together with the advertising/media industry, give at least 4 months' worth of guaranteed bonuses besides the 13th month pay.
Banking and finance companies also led those who provide 3 months' and 2 months' worth of guaranteed bonuses, while the manufacturing sector topped the list of those ensuring a month's worth of bonuses. (RELATED: House OKs bill raising tax exemption cap for bonuses to P70k)
Meanwhile, BPO firms and call centers led the list of companies giving non-guaranteed or performance-based bonuses.
On the other hand, companies in the retail, shipping/logistics, social services, and education industries give the least amount of bonuses.
Perception of bonuses
The report also revealed the opinions of employers and employees when it comes to bonuses.
Nearly half of the companies in the survey, or 46%, claim that the bonuses they give are at par with others in the same industry they belong to. However, 56% of employees believe that their respective companies give lesser bonuses compared to others.
But both employers and employees agree that bonuses are not the only reason behind employee retention. Only 22% of employees surveyed would look for other employment opportunities if their bonuses will be lowered, while only 13% of employers consider bonuses as a major factor in making their employees stay.
In addition, 56% of employers and 66% of employees say that bonuses are just one of the many factors in employee retention.
The survey also noted that most bonuses are handed out during the month of December. On a related note, most resignations take place on the months of January, March, and August. "Most employees wait for their bonuses before submitting resignation letters," said Eileen Camarillo-Go, marketing manager of Jobstreet.com Philippines.
The Bonuses Report survey was conducted by Jobstreet.com Philippines from September 30 to October 15, 2014. A total of 143 companies from various industries and 1,260 employees and job applicants took part. – Rappler.com