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What are you worth?
Karen Young provides her insight into the newly released Hays UK Salary & Recruiting Trends 2016 guide
As organisations plan for increased business activity in 2016 the demand for part qualified accountants to support finance functions shows no sign of decreasing. The persistent competition for strong part qualified accountants, coupled with increased appetite for hiring, is placing pressure on employers to increase salaries and review other benefits to attract and retain the best talent.
Analysis of salary data in the Hays UK Salary & Recruiting Trends 2016 report shows that part qualified accountants received, on average, a 2% salary increase in the past year, above the overall average pay rise for UK finance professionals (1.7%). An accompanying survey of over 4,000 finance employers and employees revealed further good news for PQs as 75% of finance employers tell us they plan to increase salaries again in the coming year.
Our research found that despite receiving higher salary increases than their peers in other finance roles, PQs are more likely to be unhappy with their salaries and to have asked for a pay rise. Just over half (55%) of part qualified accountants say they are unhappy with their pay and 35% had asked for a pay rise recently, but only 20% of these were successful. However, this number was higher than the average for the finance profession, of whom 30% had asked for a pay rise but of those just 16% were successful.
Increasing business confidence and finance leaders’ plans to recruit in the coming year will see continued demand for PQs. Half of respondents to our survey stated they anticipate moving jobs in the coming year and as competition for staff increases, this is putting pressure on employers as they compete for the best talent. As PQs told us they rate their future career opportunities and development as equally important as their salary and benefits when moving roles, employers must place a focus on supporting employees with their development if they are looking to attract and retain the best staff.
For you, my recommendations are to create an open dialogue with your employer and put a career plan in place and get involved in different or new project work. Employers can’t risk getting caught up in the day-to-day running of things and overlook the long-term development of skills and motivations of staff or they will run the risk of losing their best people in the short and medium term and have longer term succession plan challenges.
• Karen Young is a Director for Hays Accountancy & Finance.
• About Hays UK Salary and Recruiting Trends 2016: Data is 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. For further information visit: www.hays.co.uk/pq
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