Year-end bonus season begins ( 2004-01-13 09:02) (eastday.com)
As the lunar New Year draws near, local employees are dreaming of more than a
few days off or partying with friends and family. They are also waiting eagerly
for their traditional year-end bonus.
According to a latest survey by Shanghai Horizon Research, more than 80
percent of employees surveyed said they have received a year-end bonus.
The company surveyed 402 employees in local state-owned, private,
foreign-invested and joint-venture companies about their compensation.
The percentage is slightly higher than that countrywide, as an earlier survey
indicated that 72 percent of employees in six major Chinese cities, such as
Shanghai, Beijing and Guangzhou, have been paid.
"Doubling one's salary (for one month) is the most common practice for
companies, especially foreign or joint-venture firms, to reward hardworking
employees," said Qian Qing, an analyst at Market-Expert, a local consulting
company who conducted the nationwide survey.
The average bonus employees received this year is 4,134 yuan (US$498),
slightly lower than they had expected, analysts said.
Besides individual company's economic situation, the size of bonuses also
depends on performance, and can range from 1 to 1.5 times one's ordinary salary
for a month, according to 51job.com, a local human resource Website.
Cash is not the only bonus awarded. Free vacation packages, insurance and
stock options are also gaining popularity, analysts said.
Nearly half of the employees surveyed said that they got about the same
amount as last year, while some 30 percent claimed their bonus increased.
"As the same set of evaluation standards are adopted every year, and since an
individual's performance generally remains fairly constant, bonuses tend not to
fluctuate much," said Sun Fei, an HR manager at a local IT company.
About 90 percent of employees can expect their bonus not to change on a
yearly basis, according to 51job.com.
Year-end bonuses are undoubtedly a big inspiration for employees. Over 80
percent of those surveyed said bonuses are an incentive to work harder.
"Receiving a bonus is an indication to me that my work has won the approval
of my employers, especially since I was listed among the most rewarded group,"
said Michael Shen, a local office worker, adding that the bonus makes him feel
good psychologically.
"And I will put aside the money in my bank account for future use," Shen
said.
Some 20 percent of local respondents said they will put their bonuses in the
bank, while others would go shopping, invest in securities and their children's
education, or simply use it to pay for daily expenses.
"Unlike many people who tend to spend the money on annual parties or dinners,
I would rather use the whole sum of money to do something special," said Chen
Jia, another local office worker, adding she will use the money to buy a TV set
for her parents.
