Gulf bankers expect big rise in bonuses in 2013

New survey shows over a third believe their bonus could be over 50% bigger than last year
By Andy Sambidge
Mon 28 Oct 2013 01:31 PM

Six in 10 financial professionals based in the UAE, Saudi Arabia, Kuwait and Qatar are expecting to receive a bigger bonus this year compared to last year, a new survey has revealed. 

Of those expecting an increase, over a third (35 percent) believe the increase could be more than 50 percent.

Most cited personal performance (41 percent) or company performance (25 percent) for the main reason they will receive a bonus increase.

With bonus reviews now high on the agenda, eFinancialCareers said it polled over 4,500 financial professionals across seven markets to understand their bonus expectations. 

Compared to Singapore, Hong Kong, Australia, United Kingdom, and the United States, surveyed professionals in the Middle East expressed the most confidence, the poll showed.

Nearly half (48 percent) said they feel more or significantly more confident about their bonus compared to this time last year.

James Bennett, global managing director of eFinancialCareers, said: “It is encouraging to see high levels of confidence amongst financial professionals in the Middle East. 

"If expectations are met, it could make the Middle East financial centres more attractive to international talent.”

Nearly half of respondents (46 percent) claimed the level of their bonus very much affects their job satisfaction and motivation at work. 

Bennett said financial institutions were under pressure to meet high employee expectations, adding: “Our survey found that nearly two thirds 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.”

The eFinancialCareers Global Bonus Expectations survey took place in Singapore, Hong Kong, Australia, Germany, the United Kingdom, the United States and the Middle East in September, with 4,642 employed finance professionals responding.

In the Middle East, the survey took place between September 16-30, with 355 employed financial markets professionals polled.

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