PRESS RELEASE | Big Bonuses for Professionals in Financial Services in Australia
Morgan McKinley’s Bonus Survey revealed that the majority of professionals, 93% in the financial services sector in Australia received a bonus in 2014/2015, with 41% saying that their bonus was higher when compared to 2013/2014.
The market analysis which compares bonus across 2013/2014 and 2014/2015 across a range of disciplines found that payout has increased by 41%, with 11% receiving significantly higher bonus while 30% received higher bonus. Dominic Bareham, Associate Director, Financial Services Accounting, Risk, Compliance & Audit at Morgan McKinley Australia commented, “This is likely due to the record profits across the major financial services businesses with favourable market conditions”.
39% of respondents were satisfied with their payout however over 49% were either neutral or dissatisfied with their bonus. The satisfaction level seems to be higher in Asset Management (67%) and Insurance (60%), whilst Broking, Retail Bank, Investment Bank and Wealth Management were under 40%. Dominic Bareham said that this could have been affected by the expectation of employees within the later sectors.
More than half (53%) received a bonus between 1-20% of their annual salary, whilst a lucky third of respondents received between 20-45% bonus.
Compared to their peers 34% of our respondents felt their bonus was the same, while a smaller percentage of 21% felt the same way when comparing with other financial institutions.
With the freedom to choose more than one option when asked what were the factors impacting bonus, 62% chose team/business unit performance, 60% chose local performance, 55% chose meeting personal KPIs, 47% economic conditions and 39% chose global performance.
When considering moving roles 58% of respondents consider entire compensation as the most important factor to consider, whilst 22% consider just the basic salary, and only 6.7% said they had other motivations. Dominic Bareham said, “This clearly shows the importance of detailing complete package with offer of employment and has ramifications for those businesses that don’t disclosure bonus within a contract compared to those who do”.
Notes to editors:
About Morgan McKinley
Morgan McKinley is a global professional services recruiter connecting specialist talent with leading employers across multiple industries and disciplines.
With offices across Ireland, the UK, EMEA, Asia and Australia, the company’s professional recruitment expertise spans banking & financial services; commerce & industry and professional services. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors and thousands of smaller local firms.>