Friday, June 08, 2012

Would You Turn Down a Job Without a Cash Bonus?

Fins reports:
Deferred comp, clawbacks, restricted shares, this is the new currency of Wall Street. Employees, though, still prefer cash. So much so, that even in today's uncertain job market, some would turn down a position that didn't pay a cash bonus.

In FINS' informal online survey, Sign or Decline, 50% of 781 respondents said they'd turn down their dream job if their bonus was paid entirely in restricted stock and subject to clawback provisions.

The even split surprised some experts. "I'm actually stunned," said Roy Cohen, a Wall Street career coach. "I would think that generally in a market where there are fewer opportunities and more candidates that they'd be willing to compromise on their conditions."

Turning down a dream job over a bonus may not be a good idea in today's pay environment. Getting a bonus at all has become less common. While 60% of employers offered bonuses to executives in 2007, only 50% did last year, according to a 2011 survey from the Society of Human Resource Managers.