With M&A transaction activity low and many aspects of banking having slowed down during the Covid-19 lock down there is widespread uncertainty about what bonuses will look like next year, with many bankers expecting bonuses to be low or non-existent which is prompting many professionals to consider making an early career move.
So, with disappointing bonuses expected, plus recruitment picking up across many sectors – and particularly with small to medium sized firms – now is the time to see what is out there and to explore your options.
There are two ways of looking at your own individual situations:
- If you are not enjoying your current role or work environment, and you are just there for the financial rewards, then without that bonus looking likely in the near future, now would be a good time to check out the market and see what is out there for you.
- If you are happy where you are, enjoy the work environment but feel you would like stronger financial rewards then making a move now would be a very short-term view. All companies have suffered during Covid-19 and staying loyal to a business you enjoy being part of will lead to longer term financial rewards and continued job satisfaction.
Bonuses or lack of bonuses can trigger turning points in people’s careers but there should be many other reasons for making a move in the current climate not just financial rewards. You should also consider:
- Job security
- Opportunities for career progression
- Your team dynamics
- Work environment – for example, have you enjoyed working from home and your current employer is insisting on everyone being fulltime back in the office? Many corporate finance firms are adopting flexible working practices and these opportunities will be out there for you.
Making a career move now might be the right move to get you ahead of the game and on track for a higher salary and bonus; but think carefully about your next move. Money should not be your only motivating factor.
If you are keen to find out more about whether now would be a good time for you to consider your career options and find out what current opportunities are available for you to consider then please do get in touch to arrange a confidential consultation with one of our consultants. Please email Philip Seager – Philip@alan-mitchell.co.uk – or follow this link to see our current jobs. We also offer a careers guidance service so if you would like some tailored careers advice and coaching to support you please follow this link to find out more.
For more tips to help you in the current recovering recruitment market, please follow Alan Mitchell on LinkedIn.