- Over 10% pay rises for some qualified, professional and skilled finance workers
- Over three-quarters of finance employers awarded pay rises in the past 12 months
- 67% of finance employers plan pay increases in the next 12 months
- 57% of employees anticipate they will move jobs in the next 12 months
According to an analysis of job placements made by the specialist recruitment company Hays, over the past year salaries for some finance professionals have risen by over 10%. Some of the highest increases have been for newly qualified accountants, credit managers and finance business partners. Counter offers are becoming prevalent as employers compete for the best talent.
The survey of over 10,000 employers and employees indicated that employers are confident their business activity will increase over the next 12 months and this will result in greater hiring, with 70% of UK employers planning to increase headcount over the next 12 months. However, 80% of employers are concerned that they will encounter a shortage of suitable candidates.
Finance professionals are benefiting from this growing optimism. 78% of employers awarded a salary increase in the past 12 months and a quarter of these increases were above inflation. Increases have not been limited to London, some of the greatest salary increases for accountancy and finance professionals were in the West Midlands, Northern Ireland and the North East.
We are also seeing an increase in confidence amongst finance professionals, with 57% anticipating that they will move jobs in the next year and 36% of these considering a move within the next 6 months. Finance professionals were happier with their salaries than other professions, and were more likely to look for a new job due to a lack of future opportunities than for a higher salary.
Karen Young, Director of Hays Accountancy & Finance says:
“Although salary increases aren’t yet widespread, there are definite pockets of very significant rises within accountancy and finance, including for part and newly qualified accountants and key credit management professionals, particularly at a credit controller level. Where there simply aren’t enough people to fill the gaps jobseekers often have the pick of two or three jobs, they get snapped up quickly by employers and they often receive a counter offer from their current employer, which can push their salary up even further, whether they decide to stay, or go. Alongside overall improving business confidence, changes in legislation and regulation are still creating demand. For example, payroll specialists are needed to manage pensions auto-enrolment now impacting the next wave of smaller businesses, and corporate governance and tax experts are sought after to help navigate new compliance demands. Business transformation and conversion leads are also in demand as companies who have reported in UK GAAP prepare for IFRS conversion from January 2015, for example.
“Given that businesses are now more confident about the year ahead and they have plans to take on more staff we expect to see this salary growth to take a greater hold by the middle of next year. Some employees have already spotted they can earn more and decided to make a career move. Others will follow suit over the next 12 months and the situation could soon reach crisis point for employers fighting for the talent they need. Employees rarely move for salary alone but it is always an important consideration and employers need to look at what they can offer in order to attract and retain the best employees.”
To access Hays UK Salary and Recruiting Trends 2015 visit www.hays.co.uk/salary-guide
For further press information please contact:
T. 0207 200 3760
T. 020 7200 3760
About the Hays UK Salary Guide 2015:
This guide has been compiled using data gathered during 2014 from 96 Hays offices across the UK. The salary data is based on job listings, job offers and candidate registrations. The findings of our benefits survey are based on responses from over 10,000 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 2014 the Group employed 8,237 staff operating from 237 offices in 33 countries across 20 specialisms. For the year ended 30 June 2014:
- the Group reported net fees of £724.9 million and operating profit (pre-exceptional items) of £140.3 million;
- the Group placed around 57,000 candidates into permanent jobs and around 212,000 people into temporary assignments;
- 24% of Group net fees were generated in Asia Pacific, 42% in Continental Europe & RoW (CERoW) and 34% in the United Kingdom & Ireland;
- the temporary placement business represented 59% of net fees and the permanent placement business represented 41% 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