November 8, 2010 / 8:44 PM / in 7 years

Wall Street tech workers expect higher bonuses - survey

NEW YORK (Reuters) - Wall Street firms that want to keep their computer systems running smoothly may have to pay up this bonus season.

Technology professionals consider pay more important than their non-tech Wall Street colleagues, according to a new survey by eFinancialCareers.com.

The survey found that 42 percent of tech professionals consider compensation the No. 1 reason to work in the financial services industry, compared with 37 percent of other Wall Street professionals who said so.

More than half said compensation was important, but not paramount, and 3 percent said money was not an important reason to work in the industry.

Tech workers may be in a strong position to negotiate a higher bonus.

The technology unemployment rate, at 4.8 percent, is half the overall U.S. jobless rate and is down from more than 6 percent earlier this year.

Demand for skilled workers is rising. The number of technology job postings on efinancialCareers, a unit of Dice Holdings Inc., is up 54 percent from a year ago.

“The probability of unrest in the tech department is high should bonuses fall short,” said Constance Melrose, managing director of eFinancialCareers North America.

Forty percent of tech workers expect a higher bonus, versus 25 percent who think their bonuses will get cut.

A separate survey last month found half of U.S. financial

professionals expect a higher bonus this year and some of those expect a bonus that is at least 50 percent higher.

Staff in Asian markets like Hong Kong and Singapore, as well as in Britain, had higher bonus expectations than their peers in the United States.

Reporting by Nick Zieminski. Editing by Robert MacMillan

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