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Bonus Optimism on Wall Street

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There is good news on the bonus horizon, or at least financial professionals anticipate a juicy year-end check. According to eFinancialCareers.com’s latest Global Bonus Expectations Survey, six in 10 (59%) respondents expect a bonus this year with 42% anticipating an increase.  By comparison, however, Wall Streeters are the most restrained in their expectations.  Indeed, six in 10 (61%) of surveyed finance professionals based in the financial centers of the Middle East expect their bonuses to be bigger, as do 58% of those in the UK, 58% in Australia, 54% in Germany, 50% in Singapore and 53% in Hong Kong.

Of those who expect a bonus increase on Wall Street, four in 10 (40%) predict their bonus to grow by no more than 10%, and 3 in ten (29%) bargain for an increase of between 11% and 30%.

When it comes to the why, personal and firm performance were the top reasons financial professionals cited for their higher bonus expectations. Meanwhile, those who do not expect a bonus change, or anticipate a lower bonus, blamed firm performance and market conditions as leading reasons.

Just a quarter (26%) of respondents expect a portion of their bonuses to be deferred this year.  Of them, two in 10 (20%) foresee a higher portion of their bonus to be deferred as compared to last year, but 6 in ten 59% do not expect to lose any of their deferred rewards at all this year.

Looking ahead, U.S. financial industry workers are split on the future of bonuses – 40% expect bonuses to stay the same over the next three years, 33% foresee an increase, and 27% anticipate a drop.

Money is important for a significant proportion of survey respondents: four in 10 respondents (41%) say that compensation is the most important reason in their decision to work in the financial services industry.  Half of them (50%) also say the only way to earn a larger bonus in the near future is by switching employers.  Interestingly, however, over half (55%) report they are open to a reduced bonus in exchange for additional benefits.  This gives HR departments food for thought about ways to retain top talent should the bonus pool not meet expectations.

To view the eFinancialCareers bonus expectation survey results as an infographic click on the link below:

Global Infographic

Q: Are you expecting a bonus this year?

 

Singapore

Hong Kong

Australia

UK

US

Middle East*

Germany

Yes

72%

83%

67%

61%

59%

61%

83%

No

14%

8%

23%

26%

27%

21%

17%

Not Sure

15%

9%

9%

14%

14%

19%

-

Q: How confident are you about your bonus compared to this time last year?

Singapore

Hong Kong

Australia

UK

US

Middle East*

Significantly more confident

11%

12%

18%

11%

11%

21%

More confident

22%

26%

23%

30%

18%

27%

I feel the same

45%

42%

40%

42%

50%

39%

Less confident

18%

15%

14%

15%

11%

9%

Significantly less confident

4%

5%

6%

2%

10%

3%

Please note total may not equal 100 due to rounding

*Middle East financial centers include UAE, Saudi Arabia, Kuwait and Qatar

Source: eFinancialCareers Global Bonus Expectations Survey 2013

Ends

For media enquiries, please contact:

Anne Bourgeois

abourgeois@efinancialcareers.com

T: 212-370-8553

About the survey

The eFinancialCareers Global Bonus Expectations survey took place in Singapore, Hong Kong, Australia, Germany, the United Kingdom, the United States and the Middle East in September 2013, with 4,642 employed finance professionals responding.

In the United States, the survey took place between September 10, 2013 and September 29, 2013 with 1,427 employed financial markets professionals responding. Of those, 49% work in the front office, 25% work in the middle office, and 26% in back-office positions.

 About eFinancialCareers

eFinancialCareers, a Dice Holdings Inc. service, is the world’s leading financial services careers website, and the place to go for financial careers and talent.

eFinancialCareers provides finance professionals with the latest job opportunities, career information and invaluable industry insights they need to maximise their potential. The site connects them to roles within many of the world’s most respected financial organisations.

Through its recruitment solutions eFinancialCareers provides financial services recruiters a vital competitive edge by enabling them to source the highly qualified professionals they need to achieve their strategic ambitions – quickly and efficiently.

eFinancialCareers offers local websites in 19 markets across North America, Europe, Asia-Pacific, and the financial centres of the Middle East. http://www.efinancialcareers.com/


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