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Many ready to quit if annual bonus too low

<!–enpproperty 2017-01-14 07:50:19.0HOU LIQIANGMany ready to quit if annual bonus too lowwhite collar1158963Society2@webnews/enpproperty–>

Heads of companies and institutes that won’t give their employees annual bonuses, or won’t give much, may have to mull over their decision again as a report shows that about 40 percent of white-collar workers in China said they may quit if they are not satisfied with their bonus.

The report, published on Thursday by the Chinese human resources website Zhaopin.com, shows the average annual bonus in China was 12,821 yuan ($1,860) last year, 2,000 yuan more than in 2015 but almost 800 yuan less than in 2014.

But Chinese white-collar workers are not satisfied with what they are receiving.

The average satisfaction score for annual bonuses given to white-collar workers in China was 2.18 out of 5, and half of them said they won’t get any annual bonus for 2016. But those in State-owned and financial enterprises are happier with their annual bonuses than their peers at private enterprises.

Wang Yixin, a senior vocational counselor at Zhaopin, said white-collar workers gave scores of 3.77 out of 5 for annual bonuses when weighing their salary and welfare level, slightly higher than 2015. “As part of income, the importance of annual bonuses has been on the rise for white-collar workers,” she said.

When asked whether they will quit due to dissatisfaction over bonuses, 39 percent said the bonus is a key factor for them when considering whether to quit, while more than 36 percent said they won’t quit for that reason. When it comes to Beijing, however, 40.6 percent of the 2,042 white-collar workers surveyed said they would quit if they are not satisfied.

The report, however, suggests workers be cautious about their decision as China’s economy may be full of challenges in 2017 as the country may face more pressure from the international trade environment while strengthening its supply-side structural reform.

Zhang Zhenyu, who works in a secondhand car company in Beijing, said he won’t quit his job even though he will not get an annual bonus.

“I changed to my current job in late 2016 after I quit an artificial intelligence company. The company’s performance was really bad in 2016 and many even quit without waiting to see if there would be an annual bonus,” he said.

As an important incentive, an annual bonus indicates a company’s performance and will obviously affect white-collar workers’ expectations for their employers in the following year.

“Enterprises should also be cautious when deciding the amount of annual bonuses, so it not only motivates their employees but also avoids losing many employees,” Wang said.

The report found white-collar workers in China’s second-tier cities are more satisfied with their annual bonuses than their counterparts in first-tier cities including Beijing, Shanghai and Guangzhou. Beijing is listed at 16th and Shanghai at ninth among 34 cities surveyed.

Article source: http://www.chinadaily.com.cn/china/2017-01/14/content_27952445.htm