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Table of contents
About this guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Where to recruit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Sector snapshots: piecing together the recruitment story across the UK. . . . . . . . 10
Regional salaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
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About this guide
The Robert Half Salary Guide 2010 provides a forecast of average salaries for finance and accounting professionals at SMEs and larger
organisations in six regional locations across the UK:
The guide also explores the current recruitment landscape, highlights the skills and attributes most in demand today and shares some of our
insight into staff retention.
Robert Half International has over 60 years of experience in specialised recruitment services, and today we operate from more than
360 locations worldwide. We have been producing comprehensive salary guides for more than five decades, with the aim of giving hiring
managers and professionals the tools they need to make more informed hiring/career decisions.
• Thousands of permanent, temporary and interim placements made by our consultants across the UK
• Local insight from our regional office network
• Exclusive workplace research we conduct each year with finance and business leaders
• Feedback from ongoing discussions with employers and candidates
For clarity and ease of comparison, the salary ranges listed in this guide reflect average salaries. This helps avoid variables such as ongoing
performance, seniority, tenure of service and fluctuating responsibilities that can affect remuneration packages. For the same reason, the
figures listed also exclude bonuses, incentives and other benefits.
For further details about the internal and external research featured within this guide, please visit roberthalf.co.uk
Managing growth
Making strategic hires to complement departments
coping with growth/increased business
Attracting and recruiting high-quality candidates
Maintaining internal controls established during the recession
while providing enough flexibility to maximise growth
Managing new/increased regulatory burdens
Other
Don’t know
CFOs were asked: “Which, if any, of the following do you
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
anticipate will be the biggest challenges facing your business
when the economy recovers?”
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WHERE TO RECRUIT Professional accreditations are highly valued by hiring managers.
In particular, a Chartered Institute of Management Accountants
Our UK finance leaders research also indicated the sectors likely to (CIMA), Association of Chartered Certified Accountants (ACCA), or
be at the forefront of an economic upturn, and by inference where an Associate of the Institute of Chartered Accountants in England
there will be a shorter lead time to establish appropriate staffing and Wales (ACA) qualification, especially when gained through one of the
levels. Finance leaders expect the financial and business services ‘big four’ accounting firms, is a significant asset. For senior-level corporate
sectors to enjoy a quicker recovery, while the retail and construction finance positions, a master’s degree in business administration
sectors may be among the slow starters, affording more time to (MBA) can also be an advantage.
formulate recruitment strategies but, in turn, risking the flight of key
employees to faster-growing sectors. Other skills and attributes that are currently in demand include:
Additionally, we gained insight into the types of finance professionals Commercial outlook – Organisations seek finance professionals
likely to be in the strongest demand as organisations gear up who can understand the bigger picture around the numbers and
for growth. Among small- and mid-size firms, the emphasis is who have the ability to present this both to an internal audience
firmly on day-to-day accounting skills, plus accounting operations and when interfacing with external stakeholders such as customers,
responsibilities such as payroll and credit control. These roles are also regulators and banks.
a consideration for larger organisations, but here more importance is
placed on commercial finance areas, such as budgeting, forecasting Initiative – The ability to anticipate finance issues before they
and business analysis, as well as audit and compliance. happen, to contribute to planning for ‘what-if’ scenarios and to
identify efficiencies and volunteer recommendations to achieve
them.
SKILLS AND ATTRIBUTES MOST IN DEMAND TODAY
Sector experience – Previous experience in an employer’s
Technical expertise, teamed with good communication and industry or the ability to apply knowledge from a different sector are
interpersonal skills, remains the most attractive mix for hiring highly valued, as they enable the candidate to make an immediate
managers. There is also an ever-growing emphasis on providing contribution.
meaningful management information to support corporate decision
making, giving candidates with a proven track record in financial and
business analysis a distinct advantage.
These findings have given a jarring wake-up call to employers Keep communication lines open – Effective communication
and thrown the issue of staff retention even more firmly into the consistently comes first whenever we ask executives about the best
spotlight. The survey also shed light on the priorities of those ways to improve the engagement of their workforce. Of course, it’s
seeking a change of job, revealing that pay is not the most important not always easy, particularly in periods of economic contraction. But
consideration. Instead, location (57%) and working hours (56%) people want to know what’s going on, and they appreciate open and
were cited as more of a priority than netting a pay rise (51%). This honest dialogue. This can be especially effective when allied to a
indicates that the desire for a good work–life balance is as strong clear articulation of the strategic vision for the department or wider
as ever, making it vital that employers find ways to address these organisation.
concerns.
Give your team credit, even if you can’t reward them
financially – In today’s economic climate it’s not always possible
MAINTAINING STAFF MORALE to financially reward great performance. This makes it even more
vital that managers use non-financial means to recognise their staff
Companies with high levels of employee engagement also boast for going the extra mile. Even a simple ‘thank-you’ goes a long way;
higher productivity and lower staff turnover, so it’s vital for while organising more formal recognition events or giving time off in lieu
managers not to overlook the morale of their teams, even when can also pay off handsomely. On the other hand, it’s just as important
there are numerous other priorities crowding their in-trays. not to let poor performance go unchecked. Nothing demotivates a team
more than seeing a poor performer ‘get away with it’.
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Trust and empowerment breed loyalty – Delegating tasks 3. Thinking it’s all about money: Without a doubt, money
helps keep you on top of your workload, and done well it can also matters when it comes to motivation, but it’s not the only factor.
be an excellent engagement tool. The more ownership and trust Robert Half’s guide How to keep your best people reveals
an employee is given over a delegated task the more they will that when executives were asked: “Which of the following
be empowered to give their best and, more importantly, the more is most likely to cause good employees to quit their jobs?”
opportunity they’ll have to learn new skills. the top answer was limited opportunities for advancement.
Compensation ranked fourth behind unhappiness with
Promote from within – Internal promotions not only motivate staff, management and lack of recognition.
they also shorten training time. You can generate more opportunities
to do this by identifying career development plans for members of 4. Oiling only the squeaky wheel: For every person who
your team, as well as making a commitment to help them achieve approaches you with questions or concerns, there are several
their goals. others who won’t. By spending time talking face to face with
employees, you’ll be able to solicit feedback from your strong,
silent types in addition to your more vocal team members.
SIX SURE-FIRE MORALE KILLERS AND
HOW TO AVOID THEM 5. Catching people off guard: Employees should never be
surprised by what they hear during a performance review.
1. Not standing by your team: Managers who fail to support Consistently let staff members know what they’re doing right
their employees will quickly forfeit their trust. Stand up for your and where they need to improve.
team members, particularly if they’re criticised unfairly. If you’re
there for them, they’ll be there for you. 6. Making staff afraid to ask for help: Often, your most reliable
employees will be the most overloaded and least likely to speak
2. Ignoring the rumour mill: It exists in every organisation, and up. While hard work is a valuable commodity, don’t inadvertently
it thrives in the absence of formal communications. In times promote a culture where workers feel they can’t request
of change, tell your team all you can as early as you can to assistance with projects when they need it.
cutback on grapevine chatter.
together the recruitment story The insurance industry encompasses general insurance, providing
risk cover to individuals, businesses and governments, life insurance,
across the UK as well as a key element of the pensions and financial services
sectors. Like other areas of the financial services sector, the
insurance industry has had to cope with considerable downsizing of
The following is a brief overview of each main industry sector within employment in recent years.
the UK, including any notable trends likely to affect employment
patterns in the coming months.
PUBLIC SECTOR/CHARITY
TECHNOLOGY AND TELECOMS The public sector, including the NHS, is one of the largest employers
in the UK, employing 19.5% of the total workforce. Meanwhile the
Almost 1 in 20 of the UK workforce is employed within the IT charity or voluntary sectors employ the equivalent of almost half a
and telecoms sectors, with more than 40% of these jobs located million full-time staff (many positions within these sectors are part-
in London and the South East. Globally, the industry has suffered time). The public sector, in particular, is too vast and diverse to be
as firms cutback on technology spending during the recession. characterised within a snapshot such as this, although it is fair to say
However, a leading consulting firm believes that software firms will that almost every part of it is expected to come under considerable
help lead the recovery as current freezes on capital infrastructure financial pressure as government spending is cut in order to reduce
investment will drive increased spending on software as companies the UK’s present budget deficit.
seek to squeeze more performance from their existing systems.
The UK’s energy and utilities sectors are huge and geographically
diverse, covering activities ranging from offshore oil and gas exploration
to waste water treatment. While the UK is not expected to remain self-
sufficient in oil after 2016, there is a fast-growing renewable energy
sector, encouraged by government support for environmentally friendly
solutions to the nation’s ever-growing energy needs.
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RETAIL BANKING TRAVEL, TOURISM AND HOSPITALITY
This sector covers the financial services provided by the high-street Travel, tourism and hospitality have been fast-growing sectors
banks for individual customers and small businesses through their within the UK in recent years, boosted by fluctuating exchange
branch network. The travails of the banking sector as a result of the rates and the increasing popularity of holidaying closer to home
credit crunch are well documented so little needs to be added here. by environmentally conscious consumers keen to reduce their
On a more positive note, the government response to the banking carbon footprint. The UK tourism sector sustains approximately two
crisis was proof that banks are seen as vital cogs within the engine million jobs, 1.5 million of which are directly sustained and the rest
room of UK plc and as such will always have access to high levels of indirectly.
support.
CONSTRUCTION/PROPERTY
MANUFACTURING
The construction sector is a critical element of the UK economy
Although often characterised as a declining sector that’s been and is expected to provide 2.8 million jobs by 2011, although this
unable to withstand competition from low-cost rivals within the figure is dependent on the sector making a robust recovery from the
developing world, British manufacturing has thrived where it can play recession. London (and its surrounding area) is expected to be the
to its strengths of design, technology, innovation and service. The most buoyant for future recruitment, thanks to major projects such
sector remains both vibrant and diverse, covering everything from as the 2012 Olympic Games and Thames Gateway regeneration.
aerospace to pharmaceuticals. It is also geographically diversified,
with notable ‘hot spots’ for certain industries, including automotive
within the Midlands and oil and gas-related manufacturing in the
area around Aberdeen in Scotland.
Factors behind this optimism included the fact that the recession
had forced many organisations to become much leaner on staff,
processes and expenditures, while others saw reduced competition
in the marketplace as a key factor in their company’s future
prosperity.
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LONDON AND SOUTH EAST
Job Title Private and PLC
SME Large Company
Accounts Assistant £19,000 - £25,000 £20,000 - £25,000
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NORTH
Job Title Private and PLC
SME Large Company
Accounts Assistant £18,000 - £25,000 £20,000 - £25,000
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SOUTH COAST
Job Title Private and PLC
SME Large Company
Accounts Assistant £15,000 - £20,000 £17,000 - £20,000
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Working with Robert Half Working with Robert Half offers a number of clear advantages,
notably:
Picking the wrong person for the job can be extremely costly in • Access to a global network of more than two million
terms of time and money: our research has found that it can take finance and accounting professionals
up to 14 weeks to hire someone for a management-level position. • A fast and efficient response time – because many
While according to the consulting firm Bliss & Associates, it can recruitment needs are unanticipated – and we know that
cost approximately150% of a person’s salary to replace them if the prolonged vacancies can disrupt the smooth running of an
process is handled internally. organisation
• Knowledgeable and experienced consultants who take the
Robert Half has a proven track record in helping clients identify and time to fully understand each brief and precision match
secure the right candidates to fill temporary, interim or permanent candidates using a methodology we’ve refined throughout
positions across all levels of the financial, technical and operational our 60-year-plus history
professions. • Extensive regional coverage through our network of UK
offices
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