THE PROPORTION of City workers receiving a bonus crashed by 14 percentage points over the last year, a survey reveals this morning.
While 82 per cent of professionals in the Square Mile were paid a bonus in the 2011-12 financial year, this figure slumped to 68 per cent in 2012-13, according to figures compiled by recruitment agency Morgan McKinley.
And regular pay is also being squeezed, the data shows.
In the last financial year, just over a third (36 per cent) of workers received a pay rise, compared to nearly half (47 per cent) in 2011-12.
And workers are not happy with the changes. The proportion of those surveyed who were satisfied with their bonus payment fell from 42 per cent in 2011-12 to 36 per cent in 2012-13.
“The underlying theme from all of this research is the culture change across the City which was synonymous for a long time with high rewards,” said Hakan Enver, operations director at Morgan McKinley.
“Those receiving bonuses are now fewer in numbers, the amounts being paid out are dropping and individuals are less satisfied.”
Yet a lower bonus is unlikely to drive a City employee into the arms of another firm, the report says. Just two per cent of respondents to the survey cited their bonus as the most important factor when changing job, while 83 per cent said they would not leave London even if a bonus cap was brought in.