According to the Hays UK Salary & Recruiting Trends 2016 report, an annual survey of over 4,000 accountancy and finance employers and employees in the UK, salaries for finance professionals increased on average by 1.7% in 2015 and nearly three quarters of employers expect to increase pay over the next year. This average salary increase masks areas of double digit salary growth in some areas of finance including treasury, tax and credit management. Despite this, 54% of employees are still planning to move jobs in the next year and over a quarter (29%) are moving in search of better career opportunities.
With 80% of finance employers saying a skills shortage will be their biggest recruitment challenge in the coming year, employers will no doubt be concerned to hear that over half of their workforce is planning to move on in the next 12 months.
The motivations of finance professionals who rate career development as the main reason they want to move differ from the average UK professional surveyed who cited salary and benefits as their priority showing that a one size fits all approach to attraction and retention is unlikely to work for finance employees.
With lack of future opportunities rated slightly higher than salary and benefits for job seeking finance professionals, employers should not risk missing out by overlooking the long-term development, skills and motivations of staff.
Karen Young, Director at Hays Accountancy & Finance, said:
“Employees are telling us that it is a lack of future opportunity that is motivating them to move and employers need to recognise that raising pay alone isn’t going to satisfy staff looking for career development and an improved work-life balance. Although we have seen employers over the past year increase wages and plan to again, this isn’t a one size fits all solution to attract and retain the best talent.”
“Making career pathways clear and putting in place individual development plans is paramount for organisations to retain and attract their finance staff. As skills shortages and competition for staff becomes even more acute, it will be those employers who can best tailor their employment offering to attract the top talent required who are most likely to succeed with next year’s recruitment plans. Organisations that don’t consider the different needs and motivators of their staff risk losing staff and missing out on the best people who can shape their business for future growth.”
About Hays UK Salary & Recruiting Trends 2016
Data compiled using data gathered during 2015 from Hays offices across the UK, based on job listings, job offers and candidate registrations. Survey responses from 20,000 employers and employees from organisations of all sizes throughout the UK.
Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2015 the Group employed 9,023 staff operating from 240 offices in 33 countries across 20 specialisms. For the year ended 30 June 2015:
– the Group reported net fees of £764.2 million and operating profit (pre-exceptional items) of £164.1 million;
– the Group placed around 63,000 candidates into permanent jobs and around 200,000 people into temporary assignments;
– 23% of Group net fees were generated in Asia Pacific, 41% in Continental Europe & RoW (CERoW) and 36% in the United Kingdom & Ireland;
– the temporary placement business represented 58% of net fees and the permanent placement business represented 42% of net fees;
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA
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