Finance Companies are Having Trouble Keeping Their Young Workers Because of Their Bonuses
A large portion of young workers in the finance sector say they are currently unhappy with their bonuses and some even plan to quit because of it.
According to a recent survey conducted by Morgan McKinley, four out of every five young bank and accounting employees are “dissatisfied” with the bonuses that they’ve received.
Over a quarter (26%) of respondents said they saw their bonuses decrease, while 23% reported their bonuses stayed the same. More than one in 10 (11%) said they received no bonuses at all.
The recruitment firm gathered the data from employees of accounting firms, banks, asset managers and insurance companies with between one and two years experience.
Citing their bonuses, 25% of the respondents said they were looking to leave their jobs.
“Financial houses are in danger of losing their biggest draw and losing talent to other sectors,” Hakan Enver, operations director at Morgan McKinley said in a statement.
“However, whilst millennials may have been the most vocal in their dissatisfaction, it’s worth noting that at 30%, it was those who have more than 15 years of experience who saw the biggest squeeze in their bonus pots.”
Bonuses on Wall Street have shrunk consistently in recent years following the 2008 financial crisis, which led to banks and financial institutions changing the structures of their incentive systems.
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