Bonus demise hits two-thirds of City employees

Nearly two-thirds of City-based employees received a reduced annual bonus or no bonus at all in 2011, according to a survey by recruitment firm Hays.

Over half (57%) of the 2,400 employees surveyed are considering quitting their current job, with 60% of these considering leaving because their bonus was below expectations.

Just under two-thirds (69%) said that they were not satisfied with their bonus and the majority were not compensated in other ways, such as with an increase in basic salary or share options.

Over half (57%) of respondents said that even given current market conditions, their total remuneration should be higher.

Geoff Fawcett, director of Hays Financial Markets, said: “City workers are clearly feeling dissatisfied about their bonus payments.

“However, the uncertainty around jobs means that, on the whole, they are being realistic about their options and are taking a more considered approach to a new job search rather than deserting their employers purely because of a low bonus season.

“Many employees still believe the grass is greener, with over half (55%) believing that their main competitors are offering better bonuses.”

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