Our latest Bonus Expectations Survey is now available – this was carried out in November with over 500 professionals working across financial services in London, giving us real insight into their thoughts on bonuses and compensation.  Compared to last year’s survey we can see a definite faltering in confidence with only 60% this year expecting to receive a bonus. Last year 67% anticipated a bonus, and even more the previous year.

In addition a third of those who don’t think they are likely to get a bonus told us this is because their employers will not be paying bonuses at all for 2012/13.

On a more positive note – there were 27% who think that their bonus might be higher than 2011/12.  When we asked this question at the end of last year, only 14% were so confident.  However, the majority (57%) are not forecasting bonus payments any higher than last year which seems to sum up the overall attitude towards bonuses throughout the market.  Where we once saw bonuses as a very key part of the negotiation between job seeker and employer, this is less and less true now.  For most job seekers who are motivated to move by improved pay, it is their basic salary that is becoming more important to them in making the decision to take up a new role.

In terms of the amount that will be paid, almost 90% don’t think they will get any more than 30% of their base salary as a bonus – similar to last year.  Most of these actually think their bonus will be no more than 10%, relatively modest in comparison to the years before 2008.  Our Spring 2013 Bonus Satisfaction Survey will reveal if professionals were in fact being over cautious, or if their predictions were realistic….

Read the full results of our latest Bonus Expectations Survey and November Employment Monitor

bonus, bonus survey, Hiring, Professionals, salary

Outside of my precious family, the two most prominent things in my life are recruitment and baking.  Ten years ago when my career involved spending most of my time 30,000 feet up in the air as cabin crew, had someone given me a glimpse of my life today I think my reaction would have been quite the picture.  Number one, I couldn’t cook never mind bake and number two, work in an office – you must be joking?  The sky is my office!

Fast forward to now and I am so passionate about recruitment and the company I work for.  As a recruiter I spend all my time searching, sourcing and identifying people from a variety of backgrounds to work in an industry that is hugely rewarding and a company that makes it happen.  (The baking comes a close second as it’s still in its infancy but like recruitment I get a buzz from it and it too is hugely rewarding).

So how did it all happen?

I had just bought a house and wanted to get my feet on the ground with normal working hours, good pay, an exciting job (this was going to be a tall order competing with aviation), and it needed to involve people.  A friend suggested recruitment and, like most, I thought of recruitment in the context of the few times I had been exposed to it in various companies and thought yes; I could probably do that! Recruitment is a career path that people don’t often think about pursuing but sometimes when they try it they realise that they have a genuine talent for it. When I started I realised there was a whole other world in recruitment, it wasn’t just about working for one company, you could service a multiple of clients,meet hundreds of candidates and most of all get uncapped earnings based on your performance. Just like having your own business – you get out of it what you put in.

Daunting? Yes!  Impossible? Absolutely not!

Seven years later and I have placed over 500 people, built a network of connections that I would have deemed unreachable ten years ago and forged a career that has gone from strength to strength.  I’m a lucky girl!

So if you are considering a career change and you want to find out more about recruitment please feel free to get in touch, I have been there and I am happy to advise you.

PS – recipe suggestions also welcome!!

View Ciara’s profile

Link to the original article here

career changers, career in recruitment, Careers, Hiring

The latest Morgan McKinley London Employment Monitor was released this week – registering a surprise fall in job opportunities in the London financial services market from May 12 to June 12 – 33%.

After two consecutive months of increasing job opportunities from March to May, we’re actually not so surprised to see a fall – the road to economic recovery is expected to be very ‘up and down’ as Mervyn King forecast back in February. However, it’s the size of this drop that was not anticipated.

It’s hard to give specific reasons for this significant drop as we continue to operate in an unpredictable hiring market, however further economic commentators from REC/KPMG, Grant Thornton/ICAEW and the Organisation for Economic Development have all flagged that the UK and wider global economy is not exactly looking stable right now.

Eurozone issues continue as politicians within the PIIGS (Portugal , Italy, Ireland, Greece and Spain) continue their discussions on bailouts, a possible Greek exit, the future of the Euro and what they need to put in place to rejuvenate their economies.

At this half year point, we are well below the number of available jobs that were in the hiring market in June 11 – 53% less to be precise and as our rolling average graph will show you we are also some way below that figure. We look forward with interest to seeing how the first month of H2 pans out. Please look out for our July 12 London Employment Monitor at the start of August.

Download or view previous London Employment Monitor from the Morgan McKinley website

eurozone, Financial Services, Hiring, jobs, London Employment, London Employment monitor, Morgan McKinley London employment Monitor, REC

I have been asked a few times recently, when is it really a good time to make a move to another organisation? Well, like most things, there is never really a bad time to move. There is a misconception in the market that considering a move before Christmas is not a good idea. Well this isn’t true and I’ll now explain why.

Firstly, Christmas brings cold weather, longer lunches and generally good spirits which coincides quite well with hiring managers scrambling to fill head count before year end! Therefore, there is a good chance you will find yourself a good role with very good reward as a result. Secondly, by moving before the New Year, you miss the bonus rush, so you avoid creating unnecessary competition for yourself. Come Q1/Q2 when bonuses are paid, the percentage of employees searching for new opportunities naturally increases considerably. Therefore, by looking early, you give yourself a competitive advantage!

For those who argue they would rather receive their bonus first before considering a move, you must consider that not only will new organisations consider buying out your bonus, but some are beginning to be more flexible with start dates. For example, some employers will be prepared to wait two or three months for a new permanent employee to join their team.

Finally, by starting a new role in January, whilst most businesses run a January – December financial year, this means that you are able to work a full 12 months and be eligible for a full quota bonus. The other issue with starting half way through the year is that you may only be considered for a pro-rata bonus based on the time you join the new institution.

Therefore, to summarise, now is as good a time as any to look for new opportunities in the market. If you have any questions relating to the above, or are keen to speak to specialist consultants regarding new opportunities, please don’t hesitate to call Morgan McKinley on 0207 557 7222.

christmas, December, Hiring, jobs, Morgan McKinley

Whilst the Prime Minister is taking his annual summer holiday, Nick Clegg the deputy PM will be heading to Bristol this weekend in order to meet local people, an event hosted by Heart FM. The event is to be held at a secret location, with 300 people in attendance.

Clegg last came to Bristol when the three party leaders of the Conservative, Labour and Liberal Democrats came head to head for the second televised election debate. At the time, we did not know that we were heading towards a coalition government and two of the three leaders would unite to run the country.

Whilst the event is still very much a secret, the Deputy PM is likely to receive a range of questions from the 300 strong audience.

With out doubt a variety of topics will be discussed and debated, including the budget and economy. Post budget, Clegg now speaks strongly and passionately that this is very much a “Coalition” and not a Conservative budget. Some may say that it may create a “double dip” in terms of the recession; they say they had no choice to take action in this way.

We have seen a turn in the Bristol and the South-West market in terms of a renewed confidence in hiring and the number of clients opening their doors to us. That said, we have not seen the uplift as quickly as we would have liked and we are still preparing ourselves to see how the rest of 2010 evolves. It will be interesting to see if anyone poses questions to Clegg in terms of any trends within employment and hiring.

His visit brings excitement to the Bristol community as we see the return of the UK Government to the West Country.

Bristol, Double dip recession, Employment, Hiring, Nick Clegg, South West market, UK Government, West Country

It’s no secret that over the last few months every man and his dog has been hiring. Institutions clearly cut too deep during the recession period and are now having to compete heavily to bring on board talent.

What I have noticed within the financial services sector is how much base salaries have risen in a short period of time. Whilst companies are doing their utmost to keep hold of recently resigned employees, by throwing copious amounts of money their way, they are also distorting the pattern of their own internal wage structure.  One could argue that the market could eventually follow the traits of the footballing world.  Similarly, there are businesses who are prepared to break the bank to bring on a particular skill set.  Question is how long can this continue and how high can they go?

On a separate note, and slightly off tangent, World Cup starts this Friday!!!!  Come on England……

England, Football, Hiring, recruitment, Salaries, World Cup