Survey reveals high bonus hopes for HK finance professionals

71% expect bonus increase in 2010 and 14% are counting on a 31-50% bonus raise.

The eFinancialCareers Global Bonus Expectations Survey results released revealed 71% of Hong Kong finance professionals are expecting a bonus increase in 2010 compared to 2009. Out of those who anticipate an increase in bonus payout this year, 23% of them are expecting an increase of 11-30% and 14% of them are counting on a significant increase of 31-50%.

The survey also revealed that only 13% of finance professionals in Hong Kong expect a decrease in bonus this year compared to last year. 47% of those who expect a bonus decrease cite company performance as the primary reason and only 2% of them believe that it is a reflection of their personal performance.

According to the survey, 48% of finance professionals believe the size of industry bonuses will continue to increase over the next three years due to growing market optimism.

The eFinancialCareers’ survey conducted in September 2010 focused on bonus expectations of employed bankers and finance professionals in Australia, Germany, Hong Kong, Singapore, US, and UK. A total of 5,671 finance professionals were surveyed, including 673 finance professionals from Hong Kong.

George McFerran, Head of Asia Pacific, eFinancialCareers said bonus expectation is growing due to a competitive finance job market. “Escalating bonus expectation is a tell-tale sign of a candidate-led market which has inevitable retention consequences. In light of market upturn, finance sector employees in Hong Kong are expecting a bonus increase this year, especially if their pay cheque suffered during the downturn. Companies who fail to meet their staff’s growing expectations may find them leaving after bonus payout in the New Year,” he said.