Results from the latest eFinancialCareers Bonus Survey reveal that less than three in 10 Australia-based finance professionals (28%), including mortgage brokers, saw an increase in their 2012 bonuses, down from 34% in 2011.
The results see Australian bonuses compare unfavorably in the Asia-Pacific region, with 39% of Hong Kong and 31% of Singapore finance professionals experiencing a bonus increase in 2012.
However, eFinancialCareers managing director, Asia Pacific, George McFerran, says even though fewer Australia-based financial professionals received an increase in this year’s bonus round, the average bonus payout was up 10% compared to 2011.
“Australian financial services firms, whilst remaining cost conscious, are this year more focused on just who in the firm receives a bonus. The trend is to move away from blanket bonuses and focus more heavily on rewarding top talent. It suggests firms are becoming more acutely aware of the need to retain their star performers.”
Despite less than one third of Australia’s finance professionals seeing an increase this year in their bonus, surprisingly more than half (53%) of those who received a bonus said it met or exceeded their expectations.
“The results point to Australia’s finance professionals being realistic in their expectations about the size of bonus payments for 2012 and undoubtedly the difficult trading conditions would have helped shape this view.”