Around two-thirds (61%) of City worker respondents are prepared to move jobs if their compensation package expectations are not met, according to research by recruitment firm Astbury Marsden. This is up from 51% in 2014 and 45% in 2013.
The study, which surveyed 1,060 employees who work in the city, also found that around a quarter (27%) of respondents would seek an internal promotion with their existing employer in order to secure a pay rise or bonus increase.
The survey also found:
- 18% of respondents would complain informally to their line manager if they believed they deserved a rise in their remuneration, whereas 8% would formally complain to their line manager if they were dissatisfied with their overall compensation package.
- 13% of respondents would take no action to improve either their compensation or their future prospects, compared to 17% in 2014.
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.”