With bonuses as a percent of compensation dropping rapidly and average salaries on the decline too, average earnings for the financial sector were down 18 percent in 2012 over the previous year, according to the latest eFinancialCareers Compensation Survey of 1,431 financial professionals.
eFinancialCareers notes that the sell-side led the downhill race with a 10 percent decline in salary and a 24 percent decline in average earnings, as firms squeezed the front office.
With employees potentially frustrated with their current compensation package , 41 percent of surveyed employees said they are ready to move to another company, compared to 35 percent last year.
When asked what would make them stay in their current position, most employees either responded ‘nothing’ or ‘a raise’.
Meanwhile, 41 percent also said the one things they most desire this year in their workplace is “an increase in base salary”.
Interestingly, promotion only factored high on the list of desirables for 18 percent of employees – even though promotions of course usually come with a salary raise.
Having more authority was even less of a concern for survey respondents: only 8 percent said it was top of their list. Meanwhile, the outlook is far from rosy for entry-level professionals, who had the biggest salary decrease of the active workforce, at 22 percent.