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Morgan McKinley, the financial recruitment specialist, has published the latest 'London Employment Monitor' covering September 2009 figures. The report is based on a survey among 200 of London's financial services professionals.
With the bonus season fast approaching, 82% of interviewees expect to receive a bonus for 2009/10. Almost eight out of ten (78.9%) expect their bonus to be similar (40.4%) or higher (38.5%) than the amount they received for 2008/09.
When asked whether there were any plans to restructure the components that make up total compensation packages at their firm, 27.8% said their employer had or was planning to implement a restructure of this kind.
Of these people, 26.8% said this had resulted in "no change in basic salary and a decrease in the bonus element" and 23.2% said the change included an 'increase in basic salary and a decrease in bonus element'.
During September 2009, the number of new financial services job vacancies in London fell by -8% versus the previous month (August 09) and by -35% compared with September 08.
New candidate flow increased by 1% in September 2009 against August 2009. This was a decrease of -32% versus the same month in the previous year (September 08).
Individuals who did secure a new role in September 2009 took an average of 65 days to do so. This was six days longer than it took their counterparts a year ago (September 08).
The average City salary registered 52,142 Pounds increasing 3% compared to August 2009.
" Andrew Evans, Managing Director of Morgan McKinleyâ€™s financial services division comments, â€œgiven the improvement in market conditions over the course of 2009, it is not surprising that this survey suggests most of Londonâ€™s financial services professionals expect to receive at least a similar or higher bonus amount than last year."
"However, this must be seen in the context that last yearsâ€™ bonus payouts were at suppressed levels compared to the previous two years. By no means do these bonus expectations imply a return to the boom times and it will be interesting to see how these expectations compare to actual payouts in the New Year."
"There has been much discussion about plans to change the way total compensation packages are structured at financial institutions over the last few months. Over a quarter of financial services professionals surveyed said that their employer had already or is planning to restructure the components of total compensation packages. It has been the subject of speculation that any change would be an increase in basic salaries to compensate for a decrease in bonus amounts but, in fact, more respondents indicated that, at their firms, basic salaries were unchanged and bonuses had been reduced."