Research by recruitment outfit, Morgan McKinley reveals that despite falling bonus payouts more workers are happy with their lot.
In 2004, only 40% of City workers indicated satisfaction with their bonus payouts, a figure that has increased to 54% in 2005.
The news is surprising considering the average bonus this year was 31% of the base salary as compared to 33% last year.
Commenting on the findings, Robert Thesiger, Managing Director of Morgan McKinley said: “The City managed bonus expectations well this year so that the majority of City workers have been less disappointed with their bonus than first predicted.”
Thesiger explains that while middle market and senior professionals were more likely to be satisfied with their bonus, support and administrative staff, many of whom don’t receive a bonus would be more focused on negotiating a higher basic wage.
For those looking to share in the good fortune, the findings reveal that opportunities in the City are rising. In January 2005 the number of outstanding vacancies in the City stood at 9198, which is more than double the 3481 recorded in January 2004.
Thesiger said: “Demand in the City is strong across the board. Banks are focusing on projects requiring completion and consequently there is strong demand for good candidates to fill project roles at all levels. There is also increased demand for risk, compliance and regulatory professionals as institutions bolster their processes and internal procedures. Demand is also high for staff within investment management where big UK/US fund managers are increasing higher end recruitment for the European markets.”
City salaries fall into three basic groups, according to McKinley:
- Support and administration: Secretaries, receptionists, statistical assistants, administrative clerks, settlements clerks, fund administration, trade support, graduates, client services (salaries ranging from £10,000-£34,000).
- Middle-Market Professionals: HR officers, junior analysts, project managers, financial controllers, product controllers, portfolio analysts, business analysts (salaries ranging from £35,000-£60,000).
- Directors and Senior Professionals: Corporate finance, bankers, fund managers, senior analysts (salaries ranging from £60,000+).
Two hundred and forty-one people were questioned on bonus and career aspirations throughout January 2005.
