Global banking analysts employed with the UBS Group will receive a one-time bonus of US$40,000 on being promoted. This is twice the amount being paid by other banks and equal to about 30 per cent of the yearly base pay of a just-promoted associate. This bonus payout is supposed to act as a reward for junior bankers who have been weighed by lot of work pressure.
The Swiss bank will pay this sign-on bonus to analysts who are promoted to the rank of associates in addition to their regular salary hike.
This bonus is expected to retain talent and placate disgruntled junior analysts who are reeling under immense workload and stretched work hours, given the rise in the number of deals.
Other banks have also offered one-time bonuses to the staff amidst rising concerns for work-life balance and increasing focus on mental and physical well-being of employees. However, the offer made by UBS is the highest and most attractive so far. Many banks are expanding the workforce so that the burden on the existing employees is eased out a bit.
UBS has been reminding its employees to make full use of the ‘wellness hour’, which allows them to take a break, to recharge, relax and rejuvenate. Media reports suggest that the Bank is also looking at bringing about certain workplace changes in its US offices, based on employee feedback.