ME professionals ‘unhappy’ with annual bonus
Dubai, May 1, 2014
Nearly half of financial professionals working in the Middle East are disappointed with their annual bonus and said it failed to meet their expectations, according to a new study.
In comparison to other financial centres around the world, the region has one of the highest proportions of finance professionals who received an increased bonus pay-out, said the latest Global Bonus Survey by eFinancialCareers, the world’s leading financial services careers site.
Half of finance professionals who work in the Middle East received a higher annual bonus than last year.
The survey also asked respondents about the structure of their bonus. Seven in 10 respondents (70 per cent) said that none of their bonus was subject to clawback, and over half (56 per cent) had none of their bonus unrealised or deferred.
When asked at what point they would consider leaving if their current employer were to more heavily weight stock in bonus payments, half of respondents (50 per cent) said it would not influence their decision to move.
With regards to base salary, finance professionals were almost split down the middle, with 52 per cent reporting an increase and 47 per cent reporting no change. Over 4 in 10 (44 per cent) declared themselves somewhat or very satisfied with their base salary.
When asked if they intended to change jobs in 2014, nearly 6 in 10 (58 per cent) said they did.
Outlining what the results mean for employers, James Bennett, global managing director of eFinancialCareers, said: “Compensation is a very important and motivating incentive for employees in financial services. This puts an onus on employers to manage expectations and be transparent with staff about the level of performance required for a satisfactory bonus.”
“Our latest survey results reveals bonuses have failed to meet expectations of a large proportion of respondents, and the level of employees looking for a new job is also worrying. If employers can’t meet their employees’ bonus expectations, they will need to find new ways to strengthen the loyalty of their talent,” he added. – TradeArabia News Service