“2009 was the first time the banking sector gave pay rises smaller than companies in other sectors. In healthcare, 86% of the surveyed said they offered pay increases last year”, said Ruxandra Stoian, Partner PwC.
In 2009, analysts were predicting a 9% raise, but the financial crisis has narrowed raises to a paltry 7.5%. However, bank compensation packages haven’t risen by more than 5.3% in the trailing year.
“The gap between projections and reality in the pay market remained in 2009. The only exception was healthcare, where the pay raise came near projections”, Stoian continued.
But as the base component of the compensation system rose, the variable component narrowed. 31% of the companies slashed the variable component of the compensation package versus 55% in the banking sector.
Furthermore, nearly 15% of the banking institutions in the survey said they scaled back on the performance bonuses for employees. But the same institutions had their employee fixed-bonus policy unchanged – 13th pay, and Christmas and Easter bonuses.
“Around half of the banking institutions were offering fixed bonuses. More than half of them decided to keep the fixed-bonus policy in place in 2009, even if we’ve seen a downsize”, Stoian added.
For 2010, PwC projects an average pay rise in the banking sector of 5.5%.
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