Every year, around this time, there is speculation that there will be a mass exodus of staff post bonuses. And every year, although staff do take up new challenges, there is no mass exodus. Will it be any different this time ?
The Evening Standard clearly thinks so (or are they just trying to sell newspapers ?) 'Bonus letdowns to spark jobs scramble' screamed the main headline in Friday's 'Business' section. And the story goes on to suggest that unrealistic bonus expectations among staff 'will trigger a mass of job defections in the New Year'.
Well, let's get a few things clear. Yes, there has been a lot of hype around bonuses this year (even we have been a bit guilty of that, I have to admit!), but, in the main, staff who work in the financial markets will discount the bulls.it when it comes to bonuses. Yes, it HAS been a good year. Yes, bonuses will be bigger for good performers this time round. Again, most of the bonus pot will be carved out for the big boys. But firms are not in the habit, especially when times are good, of paying out poor bonuses to decent staff. If you get a cr.p bonus, your firm is probably trying to tell you something - and is, indeed, ENCOURAGING you to move on.
And, yes, some folk will move on after bonuses (why move before, unless you get a buy-out ?). They always do. Some may be upset about their bonus, but most will simply be fed up with their jobs and want a change. So, no mass exodus this time around - just the normal game of seasonal musical chairs.