HR Industry News

City Bankers get itchy feet over year-end bonuses

— 23 January 2008 —

Most UK City bankers would consider changing jobs if dissatisfied with their year-end bonuses.

Research carried out by efinancialcareers.com revealed that 52% of the 1,874 City professionals surveyed would look for a better-paid job with another bank if their year-end bonus were insufficient.

Nearly a quarter said that they would "rage inwardly" and stay in the same job, despite disappointing bonuses. However, UK bankers appear more cautious than their peers in Singapore and Hong Kong, where 13% and 14% respectively said they would "carry on regardless".

Ceridian's Paul Avis added, "In the high pressure world of City bankers it is evident that financial reward is at the top of their priorities but this is not the case in all other professions. For example work life balance, good non financial benefits such as private medical insurance and wellbeing programmes, the feeling of contributing to society such as a nurse or carer and working with people rather than paper or with hands are all alternative reasons why people adopt different careers. The real problem for employers is finding what motivates and increases productivity in a work place and this is not always financial remuneration. For employees it is simply finding what work makes them happy.”

Sarah Butcher, editor of eFinancialCareers.com, said that "financial professionals seem to be optimistic about the prospects of finding work elsewhere should they look for it. After a week of disastrous bank results, let's hope that the packages being proposed by the US to kick-start the US economy bear out this optimism."

"Attitudes amongst Far East bankers appear to be more in line with the attitudes of UK bankers twelve months ago than today – and reflect the high levels of confidence being experienced in the region that is currently a primary driver of the global economy."

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