Employee Rewards and Benefits News
Tricky bonus issue is 'hampering the retaining of staff'
Banks in the Asia-Pacific region are facing a tricky situation in regards to keeping hold of staff, according to a new report.
The Financial Times explained that investment banks in the region - the fastest-growing in the world - are finding it hard to figure out a way of providing an employee benefits strategy for staff who perform well.
And despite the lack of "invective against financial industry compensation" that has been found elsewhere in Europe against Goldman Sachs in the US and the Royal Bank of Scotland in the UK, the area's banks are still unable to offer bonuses due to their less competent competitors.
One industry expert told the newspaper: "This time last year it seemed the world was about to end, and pay discussions in Asia were short and sharp. This time round we can't expect staff to remain here simply because our balance sheet is stable.
"This region is booming, and unless we pay well, our rivals will pick them off."
It follows comments from Simon Mortlock of eFinancial Careers, who said that banks in Asia should be given more control over bonuses due to their lack of involvement in the overall economic crisis.
Written by Matt Gardner
