Hong Kong Bankers may consider resigning if disappointed with bonuses

More than a third of Hong Kong bankers may consider changing jobs if their bonus expectations are not met. This is despite attempts to carefully manage staff bonus expectations according to research from Astbury Marsden, the leading financial services recruitment firm.

According to Astbury Marsden, among 562 financial service professionals surveyed, over a third (36%) said they would consider changing employer if they are disappointed with this year’s bonus. This is slightly higher than the figure for bankers in London where only 33% would seek a change if disappointed.

The survey also looked at what other actions Hong Kong bankers would take of that when asked if disappointed with their bonus:

18% would look for promotion opportunities with their current employer
20% would consider moving away from Hong Kong
8% would take no action at all
7% would complain informally to their line manager 
7% undertake more active lobbying over the next year to make the employer more aware of their contribution 
5% would complain formally to their line manager

Mark O’Reilly, Managing Director of Astbury Marsden Asia Pacific says: “Usually when bonuses are poor, banks and fund managers will worry that there will be high level of staff resignations to follow. Our research suggests that this will be less of an issue for banks in Hong Kong this year.”

“Although the Hong Kong financial services industry has performed relatively well compared to other financial centres there is a growing understanding that bonuses outside of London and New York are also going to come under pressure.”

But Mark O’Reilly says banks cannot relax completely.

Explains Mark O’Reilly: “Our research indicates there are still a large number of Hong Kong bank employees whose bonus expectations remain out of quilter with reality. Whether the banks will meet these expectations remains to be seen.”

“Market uncertainty across the globe is impacting and may well mean no bonuses for many more banking employees this year.”

Interestingly a very low number of employees, only 5%, would complain formally to their line managers if disappointed with their bonus, compared to the 36% who would be prepared to resign if they faced bonus disappointment.

Adds Mark O’Reilly: “This does show the risks to banks of disgruntled employees resigning without banks having the chance to win them back. If the employee doesn’t feel valued or they feel that they are being taken for granted there is the danger that they may look to change jobs even when the jobs market is weak.”
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