Sixty-one per cent of City workers claim they will seek a new job after their bonuses are paid.
Workers intentions were tested in a recent Morgan McKinley survey.
One in five respondents are optimistic that their annual bonus payment will be at least double that of last year which is good news for the 57% who were unhappy with their 2003 bonus package.
The average bonus last year was 33.2% of base salary.
Despite workers’ frustrations and improved opportunities, vacancies were up by 19% in November, two thirds of respondents have stuck with their current firms.
Ken Brotherston, Chairman of Morgan McKinley commented:
“It is not surprising to see employers and employees trying to manage each other’s expectations at this time of year and although many workers rank getting a new job high on their New Year’s resolution list, career decisions involve much more complex factors than pure financial considerations. Consequently, although we have seen a normal seasonal increase in candidate numbers, we would be surprised if this turned into a flood come the end of bonus season.”
City salary offerings have increased by an average of 1% this month to an average basic salary of £44,304.
Administrative and support staff can expect to be offered an average salary of £26,856, whilst middle market professionals (e.g. Financial Controllers, Junior Analysts and Product Controllers) take home an average basic salary of £40,482. The average salary for those seeking senior professional/director roles is £65,573.
A total of 230 people were questioned on bonus and career aspirations throughout November.
