Would you rather receive more money or give it up for remote working?

According to a Randstad survey reported by The Straits Times, 4 in 10 Singapore workers would prefer to continue working from home than receive a bigger bonus. Employees may have experienced benefits such as time and money saved from not commuting to work, and enjoying greater productivity and more personal time.

At least 80 per cent of the respondents received a salary increment in 2022 with 9 per cent reporting a pay rise of more than 20 per cent. 50 per cent also said that they will receive a bonus in 2022 with 43 per cent of the group anticipating a bonus payout averaging 1 to 3 months, excluding a 13th-month bonus. 65 per cent of employees expecting bonuses also said they are satisfied enough to stay with the company for the next 6 months. This is in contrast to the 2019 survey where 83 per cent were anticipating a bonus with 69 per cent anticipated bonus payouts of 1 to 2 months.

Employers should be willing to share their profits to retain their employees in the current reshuffling stage of the pandemic. This is especially true for talent with in-demand skills as they have the strong negotiating power to request higher salaries in a tight labor market. Employees should also adjust work policies and benefit schemes to meet the changing expectations of employees and job applicants. With regard to employees’ preference for remote working, employers should also consider making hybrid work a permanent feature and roll out such policies as soon as possible.

Would you give up your bonuses for working remotely? What other benefits or work policies would attract you more than monetary compensation?