Finance salaries 'to increase In 2016'
Karen Young, Director Hays UK, comments on Hays' Salary Guide 2016 and why she thinks that flexible employers will attract talent.
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 pay to increase 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.
The report found that:
- Over half (54%) of accountancy and finance employees expect to move jobs within the coming year and over a quarter (29%) are moving in search of better career opportunities.
- 57% of employers plan to recruit over the next year, but 80% expect skill shortages to be their biggest challenge when doing so.
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.
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 not just salary. 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 many plan to do so again, this isn’t a one size fits all solution to attract and retain the best talent."
Karen said that making career pathways clear and putting in place individual development plans is paramount for organisations to retain and attract their finance staff.
She said: "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.”
To access Hays UK Salary & Recruiting Trends 2016 report please visit the Hays website.
About the author
Karen is responsible for the UK finance recruitment business at Hays plc. With nearly 20 years of recruitment experience whilst working for this market leading global recruitment firm, Karen has a personal track record of recruiting top finance talent for business. Extremely passionate about helping people to find the right job, she is also a trusted industry voice on career planning and market insights.
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