Over 80% of City workers with less than two years’ service were dissatisfied with the level of their bonus last year, according to research by Morgan McKinley. A quarter said they would consider leaving their employer because of a low bonus and the vast majority of this group were from the millennial workforce.
Almost half of City workers saw their bonus either fall or stay the same and 10% did not get a bonus. However, the research also suggests that firms are looking at alternative ways of reward, perhaps in response to the bonus cap; a third of employees who either did not get a bonus or whose bonus was frozen received an increase in basic salary in 2015.
Hakan Enver, Operations Director at Morgan McKinley, said:
‘The millennial generation is now entering employment in vast numbers and will shape the future of the world of work. Attracting millennial workers is critical to the future of business. Despite the fact that London is the world’s leading financial centre and companies adapting to accommodate this social group by offering greater work-life balance through mobility initiatives and capped working hours, there is a growing dissatisfaction with the rewards a career in the City can bring. Financial houses are in danger of losing their biggest draw and losing talent to other sectors.’