Half financial services staff received no pay rise in 2012

More than half (52%) of banking and financial services professionals surveyed did not receive a pay rise in 2012, although 60% expect to receive one in 2013, according to research by recruitment consultancy Robert Walters.

The research found that where respondents did receive pay rises in 2012, most were modest at less than 10%, although a handful received pay rises of 20% or more.

Less than half (46%) of respondents in London received a pay rise in 2012, compared to 47% in the Midlands and 51% in the north west of England.

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Only 38% of respondents in London are expecting a salary increase in 2013, while 41% of respondents in the Midlands and 47% of respondents in the north west expect a pay rise.

The research also found:

  • There was a gender divide when it came to bonuses (59% of men received a bonus compared to 48% of women), although similar percentages of men and women received a pay rise in 2012 (48% of men compared to 47% of women) 

  • More female professionals (47%) expect to receive a bonus in 2013 than men (41%).
  • 17% of respondents received a pay rise of between 1% and 3% in 2012, with a further 9% receiving increases of between 4% and 6%. 
  • Bonus levels were higher than in 2011, with 17% of respondents receiving a bonus of between 1% and 5% of their salary, 14% receiving a bonus of between 6% and 10%, and 8% receiving between 11% and 15% of their salary as a bonus.
  • 2% of respondents received more than half their salary as a bonus.
  • 31% of respondents were either dissatisfied or very dissatisfied with their compensation packages, while 39% were satisfied or very satisfied.
  • 45% of respondents said their compensation package was 100% fixed, while one in five said that 10% of their package comprised bonuses or incentives with the remaining 90% being fixed.
  • 28% of respondents are thinking of leaving their present role for a pay rise or a better compensation package.