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Banking Compensation Survey 2011
United Kingdom
latest recruitment & Employment intelligence:
Retaining Key Finance Staff Post Bonus
Despite market volatility, finance professionals are confident they will receive salaries at least as high as last year.
At least 80% are expecting a rise, though few expect significant rises. Finance, risk and compliance professionals are the most confident – and not without cause – we are seeing shortages of skilled people in these key business areas. For example, in 2010, 63% of compliance professionals expected a pay rise but this year 78% are anticipating a rise.
Comparisons with our survey last year reveal that overall confidence around pay and bonuses is marginally higher this year and the percentage of pay rises expected is looking broadly similar year on year – in 2010 26% expected a pay rise of between 4-6% and this year the figure sits at 30%.
Bonus Levels
90% of finance professionals in non revenue generating roles are expecting a bonus, with 68% predicting this bonus will be more than ten per cent of their salaries. Similar amounts of people in investment management and investment banking are anticipating a bonus. For further information on setting salary and bonus levels talk to our financial services expert, Toby Fowlston, Managing Director, on: + 44 (0) 20 7509 8740.
Overall Results at a glance
- 78% are expecting a pay rise this year (compared to 74% in 2010)
- 62% expect this pay rise to be between one and six per cent of their salary
- 90% are expecting a bonus (88% in 2010)
- Seven in ten expect a bonus of more than 11% of salary
- 75% of professionals are considering moving once they receive their bonus
- 55% thinking about moving jobs specify career development as their primary motivation
Latest pay expectations surveys
- Regulatory pressure puts compliance staff in the driving seat
- Three quarters of operations staff expect pay rises this year
- 80% of risk professionals expect a pay rise
- 92% across buy side operations expect a bonus
- 70% of buy side finance staff expect more than an 11% bonus
- 50% of accountants moving jobs secured pay rises of 10% +
About the survey
Our Financial Services Recruitment Intelligence Survey 2011, conducted in September 2011, asked exactly 1600 respondents working in the operations, finance, risk and compliance functions of banks and financial services firms about pay and bonus expectations ahead of year-end.