Are banks' HR people honestly the beneficiaries of much bigger bonuses?
Anyone would think HR people in the City are rich. According to a new survey, their bonuses as a percentage of salaries have doubled in 2010.
Last year they got 18%; in 2009 they got around 9%.
Unfortunately, this doesn't add up to retirement money. According to Ortus, the HR recruitment firm which conducted the survey (of 900 people), the average HR salary is now 54.5k; the average bonus is 9.8k. Average total comp is therefore 64.3k.
Maybe bonuses haven't risen after all?
Aspersions are also being cast on the survey results.
According to other HR in banking recruiters, bonuses for HR types haven't actually risen. Nor have salaries, much.
"Some senior people have had their salaries increased from 100k to 150k," says one HR search consultant. "But it's not universal.
"In the past, my clients would pay 100% bonuses," she adds. "This year, the maximum has been around 30%."
Another HR headhunter says there are plenty of zero bonuses in HR, particularly at the likes of RBS and UBS.
"I'd be very surprised if HR bonuses have increased as a percentage of salaries this year," says Paul Mewis at HR recruiters Mewis Partners. "If you're a star performer they've gone up a little bit, but if you're good to average they're flat," he informs us.
