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bjbjz HYPERLINK "http://youtu.be/S7XUz2u9ZA4" \t "_blank" http://youtu.be/S7XUz2u9ZA4 Bonuses
Necessities or Luxuries? Video Blog Mike Richards and Mike Tucker from MR Recruitment discuss
the impact the challenging recruitment market has had on remuneration and bonuses MT: So
welcome back to Treasury TV, this is the first of our videos in 2013. We thought we d kick
off with an update and get a sense of where the market is; it s the question we re asked
most frequently, and the question we work most tirelessly to predict and answer for
you our viewers. Just before Christmas, Mike and I wrote a couple of blogs, which were
posted but we thought we d give a quick overview of those, and give our view on where we think
the market will go in 2013. Mike, your blog focused on the bonus culture, or lack of you
made some interesting points; perhaps you can kick off and let us know the thread of
the blog. MR: OK, well taking things back to just before the blog, Mike made a point
to me, he said we don t want to be just constantly focussing on the past yeah, it might be a
bit of a predictor for the future, but actually, just reflecting on things, we were sitting
in November time, and saying God, what s happened? because typically, throughout the last quarter
of each year, it s very busy. A lot of people will have come back from holiday and said
Right, it s time to move, I m fed up with this role, time to make a move It didn t happen
last year, and we weren t at a loss because we were having many discussions with people,
and what particularly came out was that everyone said; Well, I m not willing to move to sacrifice
my bonus What we found, as I wrote on the blog, when I was talking to people, is that
bonuses, for the first time in many years, weren t just paying for luxuries they used
to pay for a new kitchen, or your luxury holiday, perhaps, or just a holiday, if you like, and,
in actual fact when I was talking to people they were saying; m using them to pay for
my bills m using them to pay for general living costs ve got things coming up, I ve got my
mortgage, also I m worried about the market, and whether there s still uncertainty there
There is a gradual recovery, but people are being forced to hang on. I ve also talked
to a couple of people about there isn t a domino effect at the senior end of the market,
which we ll come back to later, but it s meant that people are forced to stay where they
are. Does that answer it a little bit? MT: I suppose it does but if you re sitting there
as a candidate, you may be expecting a bonus shortly, you may not. What would you do as
a candidate sitting at your desk right now what are your feelings about bonuses going
forward? Do you think we re going to get back to a heavy bonus culture, or return to higher
based salaries, you know, where do you see the market going? MR: I think the bonuses
being given in the past simply won t be given in the future, I think there is far more shareholder
pressure, potentially at the executive level obviously, but that is cascading down. A lot
of companies are having to be a lot more open with their compensation structures, and as
a result of that they re actually saying No, you can t give these bonuses , it well done
for doing a good job, here s a 10-15% bonus . Whereas, typically, some of our clients
five to six years ago, they may be giving their staff 30-50% bonuses. Now, what actually
happened, and the counter culture to that, what came out of that was everyone started
to take them as part of their packages. In particular, one of my clients used to have
an up to 50% bonus, every year he got paid at 50%. Now, their basics were a lot lower,
but when I went to recruit people, one guy in particular said Well, I get 80K, but my
bonus is 50%, so my basic is 120K, and I want 100-110 as a basic starting salary. I was
having to go to clients and say but that s what he wants s on 80, he wants 110 . They
just weren t willing and it was very frustrating, whereas now it s much more balanced. MT: Yeah,
do you think there s still an expectation from candidates that, you know, we work hard,
we should have a bonus, we expect a bonus ? Do you think it s quite a gloomy outlook
for people going forward if they re sitting at their desk now thinking Oh, great, bonuses
aren t going to be paid in the ways that they were MR: I don t, I think that s life. I think
people have to get used to the idea that your basic pays all the bills, and your bonus is
the icing on the cake, not just MT: It s a bonus MR: Yeah, a bonus is a bonus, and it
s moved away from an expected, or predicted, you know, you could rely on it. We d have
people who were relying on it, and also living at it. Another thing I say in the blog is
that people would say they re on 80, they knew they were going to get 25% bonus, so
they were living at 100K brilliant! Well, actually, suddenly overnight; What s your
bonus this year? Err, sorry, this year it s going to be two . You know, two thousand.
And they were like; Ooh, hang on! And there was suddenly a shortfall in the wallet. MT:
So it s about a change in mindset, really. You know, people need to accept that bonuses
aren t going to be at the levels they were once upon a time, but there is the earning
potential as the market improves. MR: yeah, I think that s it. We ll talk in a moment
about Mike s blog separately about the recovery of the market and things like that but, you
know, certainly I think it will recover as a market and there will be bonuses paid, but
certainly it s a different world going forward. MT: Just before we close on yours, Mike, what
are your thoughts on the market? I ll talk about mine in just a minute, but what are
yours for 2013 and beyond? MR: Well, what we ve seen is we do our salary survey, we
go on quite a lot about that just one quick point there, we ll do another blog about our
salary survey, the results are due out shortly, and we re now at the beginning of Feb, so
the results are due to be published soon. One big shift I have seen on that is in previous
years, typically anywhere between 6 out of ten, seven out of ten, or 60-70% of people
would say: m happy in my role, but or m unhappy in my role , but you typically have 60-70%
saying m looking for a new role, yes, I d consider opportunities. That s moved. The
dial, if you like, or needle, has swung right the way across. Probably nine out of ten treasury
professionals, when I look at some of the results, are looking for a new position. So
that s a key one. The other things coming out of the salary survey and our discussions
with candidates are there s a lot more with less, we ve seen that. So treasury management
systems going in, strategic growth. There s re-growth. People have been hunkered down,
they re now actually looking at acquisitions, I was talking to a couple of my clients who
are looking actively at acquisitions. I m not saying it s the IPO culture, it s not
just that. It s also a number of companies that have cleaned themselves up, but now MT:
Got a bit of cash to spend MR: Yeah, and there are also those that have had to clean up what
they ve done, and now they ve actually become prime targets so they ve been bought. The
final bit I would add, for us, is the U.S. For a number of years we ve spoken with and
worked with U.S. corporates, particularly in the UK. However, we did Miami as a conference
a number of years ago just as the world was, sort of, going into recession. It s come out
of that side now; we ve opened a U.S. office. There are three reasons for it; 1 - a number
of our U.S. candidates, or clients, rather, are looking for roles and they want us to
help them. They know us, they ve met us over a number of years, EuroFinance being one of
the ways we ve met them. 2 - We ve got a number of U.S. clients who are actually looking to
recruit within the U.S. 3 - We ve got U.S. corporate clients who are actually saying
we want to use you in UK, in Europe, we know you well , and actually further afield. We
ve got many years of treasury experience in Asia, and they re wanting treasury staff.
So we ve finally done it, we ve got the LLC set up. While it s based in Florida, it s
also got a partnership arrangement in Manhattan so we can meet people on either side, and
as we grow and expand we can meet people in either office. tetVtKCKCK8C8C h]8' h]8' phfff
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http://youtu.be/S7XUz2u9ZA4 Arial Times New Roman Bonuses Necessities or Luxuries? Video
Blog Mike Richards and Mike Tucker from MR Recruitment iscuss impact the challenging
recruitment market has had remuneration and bonus Times New Roman MT: So welcome back
to Treasury TV, this is the first of our videos in 2013. We thought d kick off with an update
and get a sense of where the market is; it s the question re asked most frequently, and
the question we work most tirelessly to predict and answer for you our viewers. Just before
Christmas, Mike and I wrote a couple of blogs, which were posted but we thought we d give
a quick overview of those, and give our view on where we th ink the market will go in 2013.
e, your blog focused on the bonus culture, or lack of you made some interesting points;
perhaps you can kick off and let us know the thread of the blog. MR: OK, well taking things
back to just before the blog, Mike made a point to me, he said we don ant to be just
constantly focussing on the past yeah, it might be a bit of a predictor for the future,
but actually, just reflecting on things, we were sitting in November time, and saying
God, what s happened? because typically, throughout the last q uarte r of each year, it s very
busy. A lot of people will have come back from holiday and said Right, it s time to
move, I fed up with this role, time to make a move It didn t happen last year, and we
weren t at a loss because we were having many discu ssions with people, and what particularly
came out was that everyone said; Well, I m not willing to move to sacrifice my bonus
What we found, as I wrote on the blog, when I was talking to people, is that bonuses,
for the first time in many years , weren t just paying for luxuries they used to pay
for a new kitchen, or your luxury holiday, perhaps, or just a holiday, if you like, and,
in actual fact when I was talking to people they were saying; m using them to pay for
my bills using them to pay for general living costs ve got things coming up, I ve got my
mortgage, also I m worried about the market, and whether there s still uncertainty there
There is a gradual recovery, but people are being forced to hang on. I ve also talked
to a couple of people about there isn t a domino effect at the senior end of the market,
which we ll come back to later, but it s meant that people are forced to stay where they
are. Does that answer it a little bit? "System Microsoft Title _PID_HLINKS Microsoft Word
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