Barely a year after it was wiped off the recruitment map by the global financial crisis, the good old guaranteed bonus is making a rapid resurgence in Asia. The news will warm the hearts (and wallets) of senior bankers wanting to jump ship without losing stacks of cash.

“Yes, the guarantee is returning as we move closer to the end of the year and bonus season. Over the last month or so, we’ve starting to see banks offering them again, after getting the approval from their head offices overseas,” says Gary Lai, manager, financial services at Robert Walters.

The payments - which compensate new recruits for bonuses they were expecting from their former employer - aren’t paid at sign-on, but usually kick in after a three to five-month probation.

The recent growth of guarantees reflects two major concurrent themes in the employment market: firstly, the war of talent is heating up at the VP-plus level; and secondly, many bankers genuinely think they will earn bumper bonuses for 2009.

“Buying out a bonus is a fair practice. It's just that 2008 bonuses were all expected to be close to zero, so there was no point worrying too much about them. We expect bonuses in 2009 to be significant, so hiring firms must compensate,” says Fabrice Desmarescaux, head of Asia Pacific financial services at Spencer Stuart.

However, guarantees are so far limited to senior, highly specialised, or critical roles. “At this stage of the market, as well as considering we are late in the year, it would be difficult for any high-talent candidate to justify a move without a guarantee,” comments Tanya Sinha, senior regional consultant, Quest on the Frontier.

Most banks in Singapore and Hong Kong prefer to apply something like a target bonus for mid-management hires. “While it might seem just a technicality, it does somehow give the bonus a shade more performance-related flavour,” adds Sinha.

Desmarescaux says mid-level executives are receiving “guaranteed protections” to compensate for giving up tenure at their old firm. “This is not a guaranteed bonus, but a guaranteed severance package in case you get laid off without cause during your first year. This practice helps employees who are concerned about being last in, first out,” he adds.