61% of city workers prepared to move jobs if expectations not met
61% of city workers are prepared to move jobs if they are not satisfied with their compensation package in this year’s bonus round, reveals research by Astbury Marsden.
This is up from 51% who said the same last year, and just 45% in 2013.
By contrast, only 27% said they would seek an internal promotion with their existing employer in order to secure a pay rise or bonus increase.
The number who say they would take no action to improve either their compensation or their future prospects, has dropped to just 13% from 17% last year.
Astbury Marsden’s research found that workers can achieve an average pay increase of 19% by changing employers, compared to just a 6% rise for those who stay in the same role with the same company.
Despite continued pressure from shareholders and regulators to push bonuses down, Astbury Marsden said that banks are still finding it hard to control their staff’s expectations.
Adam Jackson, managing director of Astbury Marsden, said, “Banks face another difficult bonus season. On one hand, shareholders and politicians have made it clear that they want to see bonus levels kept firmly under control. On the other, line managers are aware that they could lose key staff if they think the package they’re awarded fails to reflect their true value. Reconciling the two will be no easy task.”
“Our findings suggest that city workers are more confident about their job prospects than they have been for several years if their expectations aren’t met.”
“This reinforces the importance of ensuring that staff feel that their contribution is being recognised. Employees are feeling far less inclined to remain loyal if they are not rewarded as expected.”
“This is increasingly challenging at a time when bonuses are being capped by law, and reports suggest annual profit levels at some banks may not be as robust as many hope.”
“If pay increases and bonuses are modest, but there’s an opportunity for promotion on the horizon, managers need to discuss with valued employees what their prospects are for career progression if they want them to stay.”
What action do City workers plan to take if they are dissatisfied with overall compensation?