Aust finance pros most satisfied with bonuses

Aust finance pros most satisfied with bonuses

Australian finance industry employees were the most satisfied in the world with their bonuses in 2010, according to new research from eFinancialCareers.

The financial sector employment company said 56% of Australian finance professionals were happy with their bonus for the year, and just 30% counted themselves among the dissatisfied.

This compares to 50% satisfaction in the US, 45% in Singapore, 46% in the UK and 42% in Hong Kong.

Australian respondents received an average bonus of $39,195, up 13% from 2009. This increase was on par with Singapore, much higher than in the UK, where bonuses grew 5%, but well below Hong Kong, where they increased by 25%.

But eFinancialCareers' head of Asia Pacific, George McFerran said just because Australian finance professionals were happier with their bonuses does not mean they will be certain to stay in their current jobs.

“We will still see significant post-bonus turnover across Australia’s finance industry as companies look to grow headcount in light of the economic rebound,” he said.

“As people who were reluctant to move during the financial crisis look for new career opportunities, companies need to gear up their retention efforts in order to prevent star performers from jumping ship.”

The average bonus in Sydney, at $46,000 was higher than the national average. It was also much higher than in Melbourne, where bonuses averaged $27,000.

But Sydney bonuses were up just 12% on the prior year, compared to 44% in Melbourne.

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Tags bonusExecutive turnoverfinance sectoreFinancialCareers

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