PRESS RELEASE | Healthy Bonuses for Professionals in Commerce & Industry in Australia
27.08.2015, Australia - Morgan McKinley’s Bonus Survey revealed that 77% of professionals working within sectors spanning Australia’s commerce market received a bonus in 2014/2015, with 45% of this group saying that their bonus was higher when compared to 2013/2014. Not only did 45% confirm their bonus was higher, 32% of this group confirmed that their bonus was significantly higher when compared to the previous year.
Matt Jacobs, Associate Director, Finance & IT at Morgan McKinley Australia commented, “Given the increase in recruitment activity over the last 12 months it’s not surprising that the eligibility for bonuses were more common and in many cases had increased on 2014. For employers to retain and attract the top talent in the market it’s important that the bonus component of their remuneration package is competitive. Many organisations have become leaner through the Global Financial Crisis and in several cases are beginning to deliver better results in comparison to a few years ago, which is also having a positive impact on bonus payouts.”
48% of respondents were satisfied with their payout however over 52% were either neutral or dissatisfied with their bonus. The satisfaction level seems to be higher in Media (57%) and Telecommunications (55%), whilst Retail, FMCG as well as Healthcare and Pharmaceuticals were between 42-47%. Matt Jacobs said whilst there is some truth in some sectors generally offering higher bonus payouts compared to others it is subjective. There are high performing companies across all sectors which can also upset the status quo if their industry is underperforming.
Almost three-quarters (72%) received a bonus between 1-20% of their annual salary, whilst a quarter of respondents received between 20-70% of their annual salary in bonus.
48% of our respondents felt their bonus was in line with their peers, while a smaller percentage of 24% felt there was parity when compared with other organisations.
With the freedom to choose more than one option when asked what were the factors impacting bonus, 61% chose local performance, 49% chose team/business unit performance, 48% chose meeting personal KPIs, 43% economic conditions and 34% chose global performance.
When considering a new role 58% of respondents would suggest entire compensation as the most important factor, whilst 24% consider just the basic salary, and only 8% said they had other motivations. Matt Jacobs said, “This analysis certainly shows that whilst many factors have an impact on the decision as to whether someone accepts a new role, compensation is still a major consideration. Many organisations continue to have strict guidelines in place when it comes to negotiating salary packages, those that can offer a lucrative bonus structure and or demonstrate recent bonus payments will certainly have an advantage when attracting top talent in the market."
The Commerce & Industry Bonus Survey 2015 can be viewed here.
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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.