Latest news: City workers expect pay rises

Graduates looking to get into the banking and finance industry will be buoyed by a survey that revealed that the majority of City workers expect a pay rise or bonus in 2011. 12/10/2011

Despite the UK’s ongoing economic difficulties, the research by recruitment specialists Robert Walters found that 78% of non-revenue generating City workers expected a pay rise this year, with 90% also expecting a bonus.

Of those expecting a bonus, 68% believe that it will be more than 10% of their salaries. However, loyalty is still in short supply, with three-quarters of workers aiming to change job roles once they’ve received their bonus. This could be seen as a good sign for graduates, however, as it means workers see more opportunities in the market.

‘As a gauge of market sentiment, the survey results are surprising. Despite real uncertainty across the City, around eight out of ten of financial services professionals in non-revenue generating roles are expecting a bonus this year. Interestingly, both these figures are higher compared to when we conducted the survey at the same time in 2010,’ said Toby Fowlston, managing director of London permanent recruitment at Robert Walters.

‘Rebasing of base salaries in recent years and a relatively positive compensation round in 2010 has led professionals to believe that overall compensation levels will be at least as high as last year. Whether this is realistic is questionable given current market volatility,’ he added.