Hong Kong technology workers enjoyed both the highest average yearly bonus ($6,295 in 2006) and biggest increase in bonuses (16% more than the previous year). Singapore wasn't far behind given the lower base salary levels - $5,031 in 2006 compared to $4,629. Bonuses averaged $2,086 in Malaysia and $1,395 in the Philippines - with 7% to 9% increases from 2005.
Job satisfaction
The Philippines had the highest level of job satisfaction, with 57% of those surveyed saying they are satisfied or very satisfied with their jobs. That's 10 percentage points higher than the average across all four countries. Singapore ranked second with a 53% satisfaction level, followed by Malaysia (49%) and Hong Kong (42%). Almost three times as many people in Singapore (11%) where very satisfied with their jobs compared to Hong Kong (4%) and Malaysia (just 2%).
Yap believes that the happiness quotient in the Southeast Asia IT and telecom community is, 'if anything, slightly higher than in many other industries.'
But what accounts for this trend‾
He believes it can be attributed to the personal growth opportunities available in the telecom and IT sectors. 'Typically, lower job satisfaction is observed in manufacturing and heavy industries, among clerical staff and people whose jobs afford little opportunity for personal growth, or ability to make decisions, or make a difference. On the other hand, IT careers generally provide good opportunities in all of these areas,' Yap explained.
One interesting findings was that just 27% of respondents in Singapore felt that their compensation package was equally competitive to other companies' while 41% of those in Hong Kong said it was. Just 34% of Hong Kong respondents said their package were somewhat or much less competitive compared to 49% in Singapore and 48% in Malaysia.
With people increasingly focused on personal growth and career advancement, the importance of such things as flexible work arrangements and a stress-free environment aren't high on job seekers' wish list - unlike in the US and Europe where such factors are now key differentiators. Less than half of those surveyed said these were critical or very important when search for a new job.
Job loyalty wanes
Does employee loyalty, in this post-pension, outsourcing-reliant and contract work-laden era, still exist‾ It does, as suggested by the findings, with 24% of those surveyed not looking for a new job or looking within the same company (see chart). But loyalty is clearly not a quality that matters a great deal these days - 76% of employees say they are actively or passively searching for a new job. The reverse - employer loyalty - is on a similar wane. The finding that 58% of all respondents felt that their jobs are not secure is evidence of this. Job security ranked a distant 11th after skill development and helping to achieve company goals - just above vacation time and benefits package.
With more workers on the look out for jobs (19% actively looking for a new job in a different company) and more employers willing or being forced to pull the retrenchment trigger from time to time, IT contracting has become a fast rising trend in Asia.