From company or employer's point of view, bonus is clearly defined as follow;
1. Compensation paid to an employee or employees for achieving a particular sales goal or organizational objective. This is above and beyond either a Commission or a Salary. A corporation achieving a 10% increase in profits may distribute part of the earnings as a bonus to its employees.
From employees' view, a hope from employee that his or her employer or supervisor appreciates their contribution. More directly as expectation to have bonus to support their needs or wants;
1. Buying special gifts for family and self,
2. Having extra to enjoy the hard labour for the whole year,
3. Going for overseas holiday with loved ones,
4. Buying new clothes, watch, car, TV etc
5. Giving angpow to parents, children and loved ones....
and never ending....list of requirements.
From the feedbacks received from people around, newspapers, blogs, internet news and directly from various friends, many companies have forgo this bonus in this year of global financial crisis. Some big ones even cut the salary between 15-20%. Employers seem to be more concern and fear of the impact of this crisis than facing unhappy employees. If business could not survive due to deep constraint of cash, what is employees' threat ? They may just need to terminate the employees.
Since the end of last year...when few of the super big global companies announced the collapse of their cash flow and locally few insurance companies had announced bad investment income beside deteriorating direct underwriting results, I have working smartly to prepare the mindset of my fellow team members of not to expect high bonuses or increment beside be more vigilant in their spending through my weekly and monthly meetings. I myself had even pycho myself to prepare the situation when comes to remunerations although the whole last year, we have achieved surplus in both top and bottom lines results, achieving the budget.
Finally, the D-day came...thank God, my Senior Management had managed to secure their promise to have the bonus paid before the Ox New Year celebration (though the amount is much less than expected) but my heart is happy as the pycho did have the effect nicely...(but it did not go well with few and sadly these few are those who are performing to the expectation but they have high expected and high headed thinking that they have done their part (could not see their undelivery though it was highlighted to them for which they had silently agreed). What a situation...
My mind went spinning..to ask, are they mindless ? not ashame ? what the hack, ah hia had not complained, sa kia cry first !
Those positive ones have stay calmly and even appreciated the gesture though the amount is lesser than previous bull run year as they have expected this would be the best as the management is still generous to give when others bigger names in the same industry had freeze the bonus...
It is during this diffcult time, we can see who is capable and can stay together as an united team. It is not a new subject but you would agree very much where we can also see who is loyal or not, who is a friend or not...I know a leader we must stay calm and always open to hear people out. After all, we must be caring and understanding. They are sensitive and if we could help them in this difficult moments, they may become better supporters of us. Thus, we must triply strengthen ourself to face this internal fractions before external demands.
Since the end of last year...when few of the super big global companies announced the collapse of their cash flow and locally few insurance companies had announced bad investment income beside deteriorating direct underwriting results, I have working smartly to prepare the mindset of my fellow team members of not to expect high bonuses or increment beside be more vigilant in their spending through my weekly and monthly meetings. I myself had even pycho myself to prepare the situation when comes to remunerations although the whole last year, we have achieved surplus in both top and bottom lines results, achieving the budget.
Finally, the D-day came...thank God, my Senior Management had managed to secure their promise to have the bonus paid before the Ox New Year celebration (though the amount is much less than expected) but my heart is happy as the pycho did have the effect nicely...(but it did not go well with few and sadly these few are those who are performing to the expectation but they have high expected and high headed thinking that they have done their part (could not see their undelivery though it was highlighted to them for which they had silently agreed). What a situation...
My mind went spinning..to ask, are they mindless ? not ashame ? what the hack, ah hia had not complained, sa kia cry first !
Those positive ones have stay calmly and even appreciated the gesture though the amount is lesser than previous bull run year as they have expected this would be the best as the management is still generous to give when others bigger names in the same industry had freeze the bonus...
It is during this diffcult time, we can see who is capable and can stay together as an united team. It is not a new subject but you would agree very much where we can also see who is loyal or not, who is a friend or not...I know a leader we must stay calm and always open to hear people out. After all, we must be caring and understanding. They are sensitive and if we could help them in this difficult moments, they may become better supporters of us. Thus, we must triply strengthen ourself to face this internal fractions before external demands.
