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GCC bankers expect large bonuses this year
Hike could be more than 50 per cent, predicts survey respondents.
October 29, 2013 3:52 by Muhammad Aldalou
Bankers and financial professionals in the GCC region are expecting the largest bonus increases this year, when compared with their global counterparts.
The newly released Global Bonus Expectations Survey, by eFinancialCareers, reveals that six out of ten financial professionals in the UAE, Saudi Arabia, Qatar and Kuwait are expecting a bigger bonus this year, with one third predicting that the hike could be more than 50 per cent.
It also canvassed industry members in Singapore, Hong Kong, Australia, the UK and the US, but those in the Middle East region were more optimistic about this year’s bonuses.
Of those expecting an increase in the region, more than one third (35 per cent) believe that the increase could be more than 50 per cent, with many citing personal accomplishments (41 per cent) or company performance (25 per cent) as the main reasons.
According to eFinancialCareers, bonus reviews are now high on the agenda; more than 4,500 financial professionals across seven markets were polled to better understand their expectations.
When compared with other markets in the study, professionals in the Middle East region express the most confidence, with nearly 48 per cent saying that they feel more or significantly more confident about their bonus, when compared with the same period last year.
Nearly half of the respondents (46 per cent) claim that the level of their bonus affects their job satisfaction and motivation at work very much.
James Bennett, global managing director at eFinancialCareers, says that it’s encouraging to see high levels of confidence amongst financial professionals in the region and that if expectations are met, it could make the Middle East region’s financial centres more attractive to international talent. However, he feels that financial institutions are also under pressure to meet high employee expectations.
He says: “Our survey found that nearly two thirds (65 per cent) of financial professionals would consider seeking alternative employment opportunities if bonus expectations were not met, so it is a serious consideration when thinking about retaining staff and assessing overall compensation packages.”