2018/19 Accountancy and Finance Salary Review2018/19 Accountancy and Finance Salary Review...
Transcript of 2018/19 Accountancy and Finance Salary Review2018/19 Accountancy and Finance Salary Review...
Accountancy Finance Professionals
2018/19 Accountancy and
Finance Salary Review Northwest, Lancashire and Yorkshire
The Trends Impacting On The Figures
Salaries are predicted to increase across the finance and accounting industry in the coming year. Not only are base salaries being looked at, but many companies are thinking about their overall remuneration packages to make roles more attractive for skilled candidates. This includes looking at benefits packages that are personalised to their workforce. In fact working conditions and benefits packages are now being used more than ever in the war for talent. But what is driving this growth:
Due to the unrest that has been caused by the issues raised by Brexit and the effect that it is likely to have on the UK economy, adaptability has been brought to companies’ attention. Because technology has advanced at such a rate, it seems that having a flexible recruitment model is the best way to approach the task of hiring for some companies.
These models can help organisations to fill employment gaps with individuals who have key, specialist talents across different departments. There has been a rise in temporary employees with the specialist skills companies are looking for, giving them the chance to find exactly the right talent to fit. The gig economy also has an impact on this, as more people than ever are searching for the opportunity for flexible employment.
The challenge is that this can often feel chaotic and the recruitment strategies needed must be specific. A recruitment partner with an in-depth knowledge is therefore essential.
It is key that companies make the effort to invest in the skills of their employees. Companies should take the time to help their people develop their skills from within the roles they currently hold, as this is likely to increase their job satisfaction, and make them more likely to want to remain. Scotland are achieving this aim the best, with 39% of employees claiming to gain new knowledge on a regular basis. London’s statistic was 29% with Wales at just 19%. The group who claimed to be learning the most at work were those between 18-34. This has the added dimension of being extremely attractive to applicants.
After the outcome of the Brexit referendum, most companies are trying to improve their growth within Britain. A fifth of companies are thinking about relocating offshore bases to the UK as a result. This is more commonly known as near-shoring.
More than half of businesses are feeling the strain of the skills shortage, where the need for skills is greater than individuals able to supply those skills. Many businesses are already beginning to plan their hiring strategies for the Brexit transition phase and looking at how they can partner over the long term with recruiters.
1. Flexible Workforce
2. Skills Investment
3. Economic Outlook
One issue is the length of time that it takes to hire in the UK. Companies are claiming that when they are hiring, their process is often so long that candidates are losing interest and seeking opportunities elsewhere. Over half of HR directors state that they have lost a candidate who was suitable for their role based on lengthy hiring process. Amongst the reasons for this are a lack of suitable candidates, number of applicants, and too many rounds of interviews. Reference checking has been found to be the lengthiest part of the recruitment process. Those companies who utilise a recruitment consultancy can often reduce these issues and therefore speed up hiring process.
In the world of accounting and finance, there has been a shift in focus from thinking about efficiencies alone to thinking about the entire productivity of the finance function. Companies are choosing to invest in automation in response to the need to improve current systems to meet increasing demands.
The need to find skilled employees is one main focus during this shift. Many companies plan to increase their headcount overall, and managers will try to hire individuals with skills in particular software or systems to enable them to fit with companies’ plans for automation.
A higher number of companies are choosing to hire newly qualified accountants, taking a view of what would benefit the company in the long term. IT training is being heavily invested in, along with highlighting the analytical skills of employees. This is with the aim to allow new staff to support the vision for automation.
There are many challenges facing businesses in the near future. Using technology in enterprise resource planning is a key focus, and change programmes bring with them a demand for trained, skilled professionals.
Because there is a shortage of skilled employees in this sector, interim professionals bring the answer to some extent – as companies can make the most of the skills they offer when needed. This also gives companies the chance to improve the skills of their long-term employees to allow them to meet the demands of the digital shift. Research shows that 47% of companies consider it likely that they will use interim professionals to help meet targets and demands over the coming months. It is thought that medium-sized businesses are most likely to use this method.
4. The Hiring Process
5. Current Hiring Climate
6. Utilising New Talent
A Note On Interims…
Thank you for taking the time to download our salary survey. The figures for this year’s salary survey were derived through a range of research and quantitative based techniques.
These include:
A review of the placements made by RK in the past 6 months
In total, salaries of over 5000
people were considered
It has also been interesting to see the importance of workplace benefits and conditions, and the role this plays in the recruitment of quality staff. Finally, the recent focus of the ‘me too’ campaign and other similar drives has put salaries of all employees under the microscope. Whilst the gender pay gap in finance at the junior level does not appear to exist, at the senior end our survey showed men on average earn 15% more than females. Although it should be noted that this is not necessarily in comparable jobs etc. However, organisations need to know that the salaries they are paying are fair market rates, and this salary survey assists in that planning. The ranges given in this survey are intended to be a guide only. Local factors, such as industry density, demographics and the local economic environment are all important factors. We are also proud to offer a free bespoke salary benchmark service (without obligation). This will take into consideration the specifics of a vacancy, the size of the organisation and team, the local economy and a competitor analysis. This is undertaken independently by our senior management team with extensive market knowledge. We look forward to working with you in the coming year.
Helen Francis
Operations Director
• Current salaries and rates of those candidates registering for our services
• Local published vacancies
• Market knowledge of our consultants
• An in-depth survey conducted amongst clients and candidates on ourdatabase
This year, the Accountancy Industry has encountered fast-paced change. The spectra of Brexit has hung over the industry and all the organisations we work with. This will continue to be a theme over the coming months and has played a part in the salary growth we areseeing. We too are assessing how we help our clients meet the challenges they face. The rapid adoption of technology by Candidates means that to deliver for our Clients we need to put them in the position to be able to react quickly to the market. Another key focus is on thevalue of interim and temporary workers as the nature of work continues to evolve.
About the RK Group
RK Accountancy and RK Finance Professionals is an industry leading accountancy consultancy specialising in financial recruitment. Operating across the North we have a regional branch network based across (Leeds, Manchester and Preston).
Devoted to our craft we have built a reputation for delivering a first class accountancy recruitment service, with an impressive reach and access to an increasingly global and mobile talent pool.
We work across multiple sectors, placing accountancy and finance professionals. With our services, we remain honest and transparent. We really do take the extra steps to match the most talented individuals with the companies most suited for their talents.
With a pursuit for long-term development we have built solid networks with various organisations, clients, candidates and professional bodies in local regions across our two distinct but combined brands.
Getting to know your structure, background, future plans and culture, enables our Consultant to become your recruitment partner. Once we clearly understand the finer detail of precisely what you are looking for, we’ll initiate our search for the people we know will be most suited to the role and your company. In order to shortlist we take into account the requirements of the job profile and importantly the long term fit of each person. Our methods are tailored to ensure we provide carefully selected candidates.
We operate three distinct disciplines:
1) Commerce and Industry / Private Sector
2) Public Sector and Not-For-Profit
3) Accountancy Practice and Professional Advisory Sector
RK Accountancy: • Specialist in the recruitment of transactional staff up to senior level
• Permanent, temporary and contract recruitment
RK Finance Professionals: • Part-qualified & Qualified accountants
• Mid to senior level executive appointments
• Permanent, interim and contract recruitment
Accountancy and Finance Salary Guide 2018/19
Transactional Level
Manchester Lancashire, East Lancs
and Cumbria Yorkshire
Position min max min max min max
£ £ £ £ £ £
Assistant Accountant (none studier) 23000 26000 19000 24000 18000 28000
Assistant Accountant (CIMA/ACCA/ ACA studier) 23000 29000 22000 29000 18000 29000
Accounts Assistant (none studier) 19000 23000 18000 21000 16000 22000
Accounts Assistant (AAT studier) 22000 24000 18000 23000 18000 22000
Purchase Ledger Manager 32000 50000 25000 45000 28000 40000
Purchase Ledger Supervisor 28000 32000 22000 28000 23000 30000
Purchase Ledger Clerk 20000 24000 18000 21000 18000 22000
Credit Control Manager 32000 50000 30000 48000 35000 55000
Credit Control Supervisor 28000 32000 23000 28000 25000 34000
Credit Controller 22000 26000 18000 23000 18000 25000
Payroll Manager 32000 50000 28000 45000 30000 55000
Payroll Supervisor 28000 32000 25000 30000 24000 30000
Payroll Officer/ Assistant 20000 23000 18000 25000 19000 25000
Payroll Clerk/ Junior 18000 21000 18000 21000 20000 22000
Sales Ledger Clerk 19000 23000 18000 21000 18000 21000
Accounts Junior 16000 18000 16000 18000 15000 19000
min max min max min max
Qualified and Senior Appointments
Manchester Lancashire, East Lancs
and Cumbria Yorkshire
Position
£ £ £ £ £ £
Finance Director
Financial Controller
Finance Manager
Commercial Finance Manager
Management Accountant
Financial Accountant
Financial Analyst
Commercial Accountant/ Business Partner
FP+A Accountant
FP+A Manager
Group Accountant
Project Accountant
Newly Qualified Accountant
65000
133000
60000
92000
60000
93000
45000
78000
45000
66000
40000
68000
35000
63000
36000
49000
28000
43000
50000
68000
48000
62000
48000
63000
35000
58000
34000
48000
30000
48000
35000
63000
35000
55000
35000
48000
38000
55000
34000
48000
29000
48000
38000
58000
36000
56000
36000
55000
38000
58000
36000
52000
36000
55000
50000
68000
50000
66000
48000
63000
40000
63000
38000
50000
37000
48000
38000
63000
36000
52000
38000
53000
38000
45000
34000
45000
33000
41000
min max min max min max
Public Practice and Advisory
Manchester Lancashire, East Lancs and
Cumbria Yorkshire
Position
£ £ £ £ £ £
Manager
Senior
Semi Senior
Assistant Accountant
Trainee Accountant
Audit Department
Audit Manager
Senior Audit
Semi Senior Audit
Associate Auditor
Tax Department
Tax Manager
Tax Senior
Tax Specialist
Tax Associate
Leadership
Partner
Director
Associate Director
37000 45000 36000 44000 37000 45000
30000 35000 28000 34000 30000 35000
20000 25000 20000 25000 20000 25000
17000 20000 17000 20000 17000 20000
15000 18000 15000 18000 15000 18000
45000 65000 42000 60000 45000 65000
35000 42000 32000 40000 35000 42000
22000 30000 20000 28000 22000 30000
17000 20000 17000 19000 17000 20000
43000 65000 42000 60000 43000 65000
35000 42000 32000 40000 35000 42000
26000 32000 24000 30000 26000 32000
21000 26000 19000 25000 21000 26000
75000 110000 70000 100000 75000 110000
50000 65000 48000 63000 50000 65000
45000 60000 42000 58000 45000 60000
Public Sector and Not-For-Profit
Job Title
Transactional
Capital/Investment
Accountant
Repairs Accountant
Asset Accountant
Rent & Service Charge Officer
Payroll Supervisor Payroller
Credit Controller
Purchase Ledger Clerk
Finance Officer
Assistant Accountant
Finance Assistant
Manchester Lancashire Yorkshire
£ £ £ £ £ £
30000 40000 30000 38000 30000 38000
30000 40000 30000 38000 30000 38000
30000 37000 28000 35000 28000 35000
20000 27000 20000 25000 22000 25000
24000 30000 22000 25000 22000 25000
19000 24000 18000 22000 18000 22000
18000 23000 18000 22000 18000 22000
18000 23000 17000 21000 17000 21000
18000 27000 18000 25000 18000 25000
23000 29000 22000 28000 22000 28000
16000 19000 16000 18000 16000 18000
Leadership
Payroll Manager
Credit Manager
Treasury Manager
Rent & Service Charge
Manager
Financial Planning Manager
Qualified Finance
Treasury Director
Corporate Service Director
Finance Director
Head of Finance
Financial Controller
Finance Business Partner
Finance Manager
Group Accountant
Financial Accountant
30000 40000 25000 35000 25000 35000
30000 40000 25000 35000 25000 35000
36000 50000 35000 45000 35000 45000
27000 35000 25000 30000 25000 30000
37000 48000 35000 45000 35000 45000
50000 100000 50000 80000 50000 80000
80000 120000 70000 100000 70000 100000
70000 88000 70000 80000 70000 80000
55000 78000 50000 70000 50000 70000
42000 56000 40000 55000 40000 55000
37000 48000 35000 45000 35000 45000
41000 52000 40000 50000 40000 50000
37000 48000 35000 42000 35000 42000
33000 41000 32000 40000 32000 40000
33000 41000 32000 40000 32000 40000 Managment Accountant
Salary is one important part of any remuneration package and strategy. Increasingly important are both the benefits and working conditions.
Bonus
0% 5% 10% 15% 20%
Private Sector
Private Sector & NFP
Public Practice
Bonus as a percentage of annual salary
0% 10% 20% 30% 40% 50% 60%
Private Sector
Private Sector & NFP
Public Practice
Percentage of those receiving a Bonus
Holidays
0 5 10 15 20 25 30 35 40
Private Sector
Public Sector and NFP
Practice
Average number of holidays days received (Excluding Bank holiday)
Benefits
0%
10%
20%
30%
40%
50%
60%
70%
80%
Percentage able to receive the following benefits
Private sector Public Sector and NFP Practice
Flexible working
Are you able to receive flexible working?
65%
35%
PUBLIC SECTOR AND NFP
Yes No
45%
55%
PRIVATE SECTOR
Yes No
20%
80%
PRACTICE
Yes No
Of those unable to access flexible working, the average percentage wishing they could benefit from flexible working is:
90%
10%
Would like flexible working
Do not want flexible working