Fewer City workers moved jobs in May thanks to changes in bonuses
CHANGES to the City’s bonus culture have caused more employees to stay in their jobs, a leading recruitment firm said today.
While the end of bonus season would often see City workers moving on to new roles, the second quarter of this year looks set to buck the trend, according to the Morgan McKinley London employment monitor.
“As a result of changes to the structure of compensation packages for some City employees we are now seeing the effects of deferred bonuses,” said the Morgan McKinley’s Andrew Evans.
“This has provided an incentive for some individuals to stay in their current roles.”
The number of people showing an interest in City jobs rose by a record 39 per cent in May compared to April, however.
Some workers are “merely interested and simply keeping an eye on the market”, Evans said.
“After seeing a buoyant level of hiring activity in quarter one, individuals do not want to close themselves off from potential opportunities for career advancement,” Evans said.
Job opportunities are fluctuating strongly in line with the economic outlook, the monitor revealed.
Vacancies fell 19 per cent in financial services from April to May, Morgan McKinley found.
Yet wages appear to be on the up. The average salary for new positions filled in the financial sector rose to £52,749, up by one per cent from April’s rate of £52,228.