By Graham Whitworth, Team Leader of Construction, Property & Engineering, Randstad Malaysia
While bonuses are not required in many workplaces, it is still common tool throughout different industries in Malaysia. Bonus standards vary between organisations and industries, and can be given out in a lump sum or in phases throughout the year like a quarterly or half yearly bonus.
Bonuses are often a highlight of the year for many employees, but what are actual trends showing? The construction industry is growing but what about their bonuses? Are they as high as the upcoming KL118 project?
For those yet to receive - you might want to calm down your spending - we are expecting to see slightly lower bonuses paid out this year than last.
Randstad Malaysia surveyed 520 construction professionals in Kuala Lumpur and have seen a slight decrease in what people received in bonus 2017 versus 2016.
||Respondents who received 2+ months bonus
There are couple of benefits for companies when they choose to pay bonus for their employees. Let’s take a look at why companies give out bonus in the first place.
It is nice to think of a bonus as a job well done, a chance to share in the success of the company and to redistribute the wealth.
- Firstly bonuses function as a motivational tool for the year - work harder, smarter and expect a bigger bonus. With the potential of earning bonuses, employees are more likely to strive to surpass their set targets, boosting company results and creating a culture of high performance.
- Secondly it is a retention strategy for the employers - why let your exceptional talents go? Great employees can be retained within a company with bonus payouts. Companies with a great reward package tends to have a lesser attrition rate as compared with companies that do not provide an attractive rewards package.
Like any shrewd business leader your boss & HR Director are trying to minimise your bonus so it is Just enough to keep you motivated and stop you looking elsewhere. Just enough - but not too much that you go and buy a boat and sail around the Caribbean.
The construction industry as a whole is performing well and undergoing growth at a sustainable and positive rate. We are seeing the effects of less confidence and uncertainty play their part - and we think business leaders are confident they can keep their teams motivated on slightly less.
If you have received your bonus already and it wasn't just enough to keep you motivated until next year please do reach out to us - now is the best time to make a move. How was your bonus this year?
Interested in a construction role? Randstad is one of the world’s largest recruitment and HR services providers, and our Malaysia office has more than 20 years' experience placing high-calibre mid to senior level professionals in companies across multiple industries. Click here to apply for the construction jobs we have to offer and let us help with your next career move.
Posted: Monday, 13 March 2017 - 12:30 PM