Monitoring the pulse of the City job market

1 in 5 City workers expect their bonuses to more than double but 61% say they will seek a new job after bonus time.

As part of its ongoing research, Morgan McKinley found that 1 in 5 respondents anticipate that their annual bonus payment will be at least double that of last year. Despite this small group of optimists, the majority of respondents do appear to have more realistic expectations for their 2004 bonuses. This does not mean, however, that they will be satisfied as 61% of those questioned said they planned to change jobs after their 2004 bonus had been paid.

Putting this in context, the average bonus in 2003 was 33.2% of base salary. However, only 39.5% of those questioned were satisfied with last yearís bonus payout while the majority (57%) were unhappy with their bonus. But being unhappy with the annual bonus does not necessarily translate into action. Despite their dissatisfaction and a stronger City jobs market in 2004, two thirds of respondents are still with the same firm and the majority (51%) are still in the same role.

Ken Brotherston, Chairman of Morgan McKinley comments:
ìIt is not surprising to see employers and employees trying to manage each otherís expectations at this time of year and although many workers rank getting a new job high on their New Yearís resolution list, career decisions involve much more complex factors than pure financial considerations. Consequently, although we have seen a normal seasonal increase in candidate numbers, we would be surprised if this turned into a flood come the end of bonus season.î
City jobs up 19%

The number of new City jobs in November was up (by 19%) on October to 5418 taking the overall number of outstanding vacancies in the City to 9954 in November. Ken Brotherston added: ìNew job vacancies have begun to rise in November as recruiters plan their requirements for the New Year, recognising that it takes time to find a suitable candidate.î

City Salary offerings up 1% compared to October

City salary offerings have increased by an average of 1% this month to an average basic salary of 44,304. Administrative and support staff can expect to be offered an average salary of 26,856, whilst middle market professionals (e.g. Financial Controllers, Junior Analysts and Product Controllers) can now expect an average basic salary of 40,482. The average salary for those seeking senior professional/director roles is 65,573.