Finance professionals expecting bigger bonuses
More than half of Australian finance professionals are expecting a bigger bonus this year compared to 2009, a survey has found.
The eFinancialCareers Global Bonus Expectation Survey included more than 5000 finance professionals globally, including almost 600 in Australia, of whom half were working in front office roles.
One in 10 were expecting at least a 50 per cent increase over last year’s bonus, and 15 per cent were expecting their bonus to increase between 11 and 30 per cent.
Asian financial employees were even more optimistic, with about 70 per cent of respondents in Hong Kong and Singapore expecting an increased bonus and 15 per cent expecting an increase over 50 per cent, while results in the US and UK were similar to Australia.
“Escalating bonus expectation is a tell-tale sign of a candidate-led market which has inevitable retention consequences,” said eFinancialCareers head of Asia Pacific George McFerran.
With improving markets finance sector employees are expecting increased bonuses, and may leave in the new year if companies don’t meet the expectations, McFerran said.
Almost half of those expecting an increase believed their personal performance was the main reason for a likely increase, with a quarter citing improved company performance.
One in five workers expected a smaller bonus than last year, with half of those citing company performance as the main reason and a negligible 2 per cent thinking their personal performance would lead to the smaller bonus.
Falling global markets was the main reason listed for a potential decrease in financial services compensation overall, followed by Australian market conditions.
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