Fear and Loathing on Wall Street as Bonuses Fail to Assure Workers Finds eFinancialCareers Report
While Nearly Eight in 10 Received Bonuses, More than Half Expect to Look for Work in 2009
NEW YORK, Jan. 27 /PRNewswire/ -- With the most contentious bonus season in years coming to a close, 79 percent of Wall Street professionals received a year-end payout according to a recent survey by eFinancialCareers, the leading career site for finance professionals. That number easily surpasses the 66 percent who expected a year-end bonus when a comparable group was polled in October.
For those respondents receiving a bonus, it's fairly evenly split between those who took home the same or more than the previous year (46%) and those who took home less (54%). The upside payouts most frequently rose less than 10 percent year-over-year, while the downside payments were typically reduced between 31 percent and 50 percent.
"Following one of the most tumultuous years in financial history, smart people who did good work deserve to be recognized," said John Benson, founder & CEO of eFinancialCareers. "The future of the financial services industry may be opaque, but the industry has a vital role to play in the global economy -- and that requires talent."
The payouts only satisfied 26 percent of finance professionals who responded, while 46 percent are at a minimum dissatisfied with their bonus. Of that displeased group, nearly nine out of 10 (89%) are financial professionals with five years experience or less on Wall Street. For this particular pool of talent, this bonus season is likely the first where the bulk of their compensation was challenged.
A majority of respondents (54%) expect to be job hunting in 2009, with another quarter on the fence in the "maybe" category. When asked to describe their current situation, 39 percent of Wall Street professionals are open to a better opportunity, while 20 percent are unhappy in their current role and 10 percent are concerned that their jobs may be eliminated.
About eFinancialCareers
eFinancialCareers, a Dice Holdings, Inc. company, is the leading global career site network for professionals working in the investment banking, asset management and securities industries. The website provides financial services professionals with job opportunities, job market news and analysis, salary surveys and career advice. Recruiters and employers can post jobs targeting specific sectors within the financial services industry, both buy-side and sell-side, and can search the resume database for highly qualified and specialized professionals. eFinancialCareers has a network of co-branded career sites with industry-leading trade publications and offers local websites in 18 markets and five languages primarily across North America, Europe, the Middle East and Asia-Pacific. www.eFinancialCareers.com
Survey Methodology
The eFinancialCareers Bonus Survey was administered online January 7 to 12, 2009 with nearly 900 registered U.S. eFinancialCareers users responding. To be included in the survey results, registered users indicated their 2008 bonus was revealed to them and they are currently employed.
Table 1: How did your 2008 bonus compare to last year?
71%+ more 9%
51-70% more 3%
31-50% more 4%
11-30% more 9%
0-10% more 21%
1-10% less 8%
11-30% less 12%
31-50% less 13%
51-70% less 11%
71-99% less 10%
Table 2: How satisfied are you with your 2008 bonus?
Very satisfied 5%
Satisfied 21%
Neutral 28%
Dissatisfied 20%
Very dissatisfied 26%
Table 3: Do you expect to be job hunting in 2009?
Yes 54%
Maybe 26%
No 16%
Not Sure 4%
Table 4: Which of the following best describes your current situation?
Unhappy with my job and looking to change as soon as
possible 20%
Would love to switch jobs, but staying put for now to
play it safe 16%
My job is fine, but I'd be open to a better opportunity 39%
Looking for a job due to concern of being eliminated in
light of market conditions 10%
Very happy with my job and not looking to move 15%
