A new survey finds that nearly four in 10 Hong Kong-based finance professionals, 39% received on average a bigger bonus in 2012, up from 33% in 2011.
According to results from the eFinancialCareers annual Bonus Survey, finance professionals in Hong Kong fared better than their peers in Singapore and Australia. In Singapore, the proportion of those receiving higher 2012 bonuses was 31% (up from 29% in 2011), while in Australia this figure actually fell to 28%, (from 34% in 2011).
Hong Kong finance professionals also saw the highest increase in average bonus payout (19%), with average bonuses in Australia and Singapore increasing by 10% and 8% respectively.
"While over a third of finance professionals in Hong Kong saw their bonuses increase, bonus payouts decreased or stayed the same for nearly half of them," says George McFerran, Managing Director, Asia Pacific, eFinancialCareers. "Given that the average bonus amount has increased, our results suggest that financial services companies in Hong Kong have focused on rewarding their top performers, in order to ensure that they retain them.”
McFerran notes that the sharpest increase in average bonus payout probably reflects the front office nature of many roles in Hong Kong, helping to justify higher increases for top performers in revenue-generating positions.
The survey results also reveal that bonus satisfaction in Hong Kong dropped in 2012, with only 38% of finance professionals feeling satisfied with their bonuses (down from 41% last year).
Regardless of the level of satisfaction with bonuses, the results suggest that many finance professionals were also more realistic about what to expect from bonus pools in 2012, with half of those in Hong Kong (51%) saying that their bonus still met or exceeded their expectations.