^

Freeman Cebu Business

Who gets the fattest bonus this Christmas?

Carlo S. Lorenciana - The Freeman

CEBU, Philippines - Apart from the anticipated gift-giving and merry making that Christmas brings, many Filipino workers also look forward to receiving the much awaited bonuses that they get from their employers on top of the mandated 13th month pay.

But who usually get big, fat bonuses? According to the recent JobStreet.com Bonuses Report 2014, employees in the banking and finance, business process outsourcing and call center, manufacturing, food and beverage and real estate are the top five providers, respectively of guaranteed bonuses.

The report said these industries were found to give bonuses for four months or more on top of the mandated 13th month salary. Advertising or media industry was also included.

“Generally, Filipinos think of bonuses as a reward for a job well-done, or as a company’s thank-you for helping them meet their goals in a given year,” Eileen Camarillo-Go, JS Philippines communications manager, told The FREEMAN.

Professionals in the banking and finance top in getting three months and two months worth of bonuses while manufacturing sector top the list of industries giving at least a month’s worth of bonuses.

Telecommunications and retail are two other sectors that guarantee one month worth of bonuses. On the other hand, the BPO and call center industry is first when it comes to giving non-guaranteed and performance-based bonuses.

“While there are generous industries, there are also prudent industries,” Go said, citing the industries that are generally known not to give out bonuses beyond the 13th month pay: retail, shipping/logistics, social services and education.

Viewpoints

Go said they found out that a gap was seen between the perceptions of employers and employees on how companies differ from others in terms of the amount of bonuses provided.

The report revealed 46 percent of employers claim their bonuses are at par with what other firms in the same industry are giving. At the same time, 56 percent of employees say their companies give less bonuses than other companies.

She said: “What is similar is that both employers and employees downplayed the role of bonuses in employee retention and attrition.”

She added 66 percent of employees and 56 percent of employers believe that while bonuses are important, they are only one of the many factors why employees choose to stay in a company.

Only 22 percent of workers would look for other job opportunities if their current bonuses will be decreased; only 13 percent of the employers consider bonuses as a factor in employee retention.

JS Philippines said majority of the companies release the bonuses in December when the mandatory 13th month pay is also given in time for the holiday season. January is also the month when companies experience the most resignations, it said.

The survey was done by the online jobs site from September 30 to October 15 this year with 143 company respondents and 1,260 workers from various industries.  (FREEMAN)

 

BONUSES

BONUSES REPORT

COMPANIES

EILEEN CAMARILLO-GO

EMPLOYEES

EMPLOYERS

INDUSTRIES

MONTH

  • Latest
Latest
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with