In London, with financial sector jobs on the chopping block, bankers lucky enough to have a job are staying put even if they are dismayed when they hear about their bonus.
A new survey of almost 1,400 bankers and fund employees shows that far fewer employees are likely to try to swap jobs if they don't like their bonuses. The research, done by recruiting firm Astbury Marsden, found that only one-third of workers in London who were surveyed said they would seek a new job. A year ago, the figure was 48 per cent.
They are facing a job market where finding a new spot is tough. According to the firm's earlier research, competition for roles is rising fast. In 2011, there were 3.16 qualified candidates for financial job in London, up from 2.17 in 2010.
Such figures are likely to embolden bank bosses as they face political and shareholder pressure to cut bonuses. The usual threat of "cut my bonus and I leave" is a lot less threatening in a market where jobs are disappearing.
Already, bonus expectations are pretty grim. The survey showed that 12 per cent of respondents were bracing for no bonus at all for the past year.
"Bonus and pay expectations amongst City staff have become more conservative throughout 2011, and we expect this trend to continue in the near future," Mark Cameron, chief operating officer at Astbury Marsden, said in a release. "The number of City employees who are confident about the size of their bonus is falling by the day."
Given that reality, bankers are also starting to look abroad to find bigger pay cheques, the survey found. About one in 10 would consider relocating.
At the other end of the spectrum, about 15 per cent would whine -- either by complaining informally or undertaking "more active lobbying over the next year to make their employer more aware of their contribution and current dissatisfaction," the firm found.