One-third (36%) of financial services staff in London were satisfied with bonus payments in 2010/11, according to the latest Bonus Satisfaction Survey conducted by Morgan McKinley.
The survey found that 79% received a bonus. In addition, 39% received a higher payment in the 2010/11 bonus round compared to the 2009/10 round.
The percentage of respondents dissatisfied with their bonus payment rose this year, with 35% indicating disappointment compared to 27% last year.
Professionals surveyed this year highlighted a reduction in bonus payments across the board as the main reason for lower-than-expected payments (37%), with 13% saying their bonus was capped.
Compared to last year, 48% of respondents have seen an increase in their basic pay, while another 47% are earning a similar amount to last year.
Andrew Evans, chief operating officer at Morgan McKinley, said: “For the third consecutive year, our Bonus Satisfaction Survey provides real insight into bonus payments across the financial services sector in London.
“This year, the survey gives a clear indication that bonuses are still being paid to the majority of City workers. However, in reality, only 79% actually received a bonus compared to 88% who expected to receive one in our September 2010 Bonus Expectations Survey.
“Despite being some way along the road to recovery there were a number of reasons to expect that bonuses might not be as sizeable as pre-recession years across the financial services sector.
“These include industry regulations influencing the structure of bonus payments; downward pressure on remuneration during the financial crisis meaning that last year’s bonuses, following an improvement in the market, were very welcome.
“Evidence from professionals surveyed suggests that basic salaries have risen slightly.†
“The likely reason for this is to counteract the effect of a slight softening of bonus payments as well as what is clearly increased competition in the jobs market to attract and retain the best talent.”
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