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Robert Half
Contents
The hiring forecast........................................................................5 Benchmarking the finance team ....................................................6 Highly sought-after attributes .................................................. 7 Positions in demand .......................................................................8 Counter-offers: a potentially counterproductive strategy .... 9 Accounting and finance salaries ................................................ 10 Flexible recruitment for cost savings ...................................... 14
Never in history has the accounting and finance function been under such scrutiny than during the past few years. Finance teams have been charged with driving growth and efficiencies, assuming the role of trusted partner in a companys business strategy. At the same time, more stringent standards and regulations have reaffirmed the importance of the accounting function in a companys fiscal wellbeing. And so we enter the new era of accountancy, where commerciality meets traditional values, and sound accounting practices never go out of style. We hope this years salary guide will provide a sense of nostalgia as we focus on what will likely be another demanding year ahead. Many organisations that were stretched thin during the downturn are finding they can no longer meet critical business objectives without extra resources. Access to the most current remuneration data allows you to attract top professionals to your organisation and keep them on board. And offering a competitive salary is often the difference between welcoming employees and watching them accept job offers from elsewhere. Weve made many changes to our 2012 Salary Guide, including offering year-over-year percentage changes to national starting salary ranges. By incorporating the regional variance index for 11 UK geographic areas, you will be able to calculate local salaries while also identifying which roles are most in demand. This means you can identify specialisms where demand may outstrip supply and adjust remuneration accordingly. Monitoring salary trends can be challenging. I hope you find our 2012 Salary Guide useful, and I welcome you to contact one of our recruitment consultants across our network of over 20 UK offices to discuss specific trends affecting your local area. Regards
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For what reasons will you increase the number of permanent accounting/ finance staff?
Business growth or expansion Rising workloads Regulatory requirements Financial systems upgrades Merger or acquisition Other 2% 18% 18% 30% 52%
70%
Recruiting challenges have become more pronounced, and companies are finding it more difficult to find individuals who meet all their requirements. In some cases, companies are bringing in temporary professionals as an interim solution as they address their long-term needs. This also affords them the opportunity to evaluate prospective new employees. When asked the biggest benefits for employing temporary or interim finance/accounting staff, managing fluctuating workloads and access to hard-to-find skill sets were the two most common responses. Companies are also increasingly engaging senior interim professionals to provide expertise on critical initiatives.
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Retention concerns
While some workers are apprehensive about what lies ahead, others who had stayed with their employer during the last downturn for the stability it afforded may be tempted to look at other opportunities. With demand for skilled accounting and finance professionals outstripping supply in many areas, companies are turning their attention to retaining key employees. In fact, 54% of CFOs are concerned about losing top financial performers to other companies in the next year.
And in which of the following areas do you find it most challenging to recruit skilled finance professionals?
18%
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Positions in demand
Financial accountants Demand is increasing for accountants who are qualified or in the process of obtaining an ACA, ACCA or CIMA qualification. Excellent technical skills, including experience with Excel and large ERP systems as well as exposure to IFRSs are often pre-requisites for some roles. Financial analysts As companies prepare for growth, they seek experienced analysts who can help them understand the story behind their financial data and identify further expansion opportunities. The most in-demand candidates have strong financial, technical and communication skills and are comfortable presenting their findings and recommendations to varied audiences. Management accountants To enable companies to make informed business decisions, organisations are hiring management accountants to help formulate policies and help plan and control growth initiatives. Individuals who show sound technical skills coupled with business acumen and commerciality will be in demand. Cost accountants As manufacturing activity has increased in certain regions, the need for skilled cost accountants has picked up as well. Professionals who can merge cost accounting with financial planning and analysis skills in a manufacturing context are in highest demand. Credit controllers As cash flow remains a priority for businesses, credit controllers are required to ensure payment terms are met. Companies are looking for individuals who are detail oriented and customer focused and who display effective problem-solving skills.
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Large Company 68,500-124,250+ 69,000-128,500+ Financial Controller SME Large Company Group Accountant SME Large Company Qualified Management/Financial Accountant SME Large Company Finance Manager SME Large Company Business/Financial Analyst SME Large Company Financial Planning & Analysis Manager SME Large Company Internal Audit Manager SME Large Company Internal Auditor SME Large Company Compliance Manager SME Large Company Risk Manager SME Large Company Treasury Analyst SME Large Company Senior Treasury Analyst SME Large Company Tax Specialist SME Large Company Tax Manager SME Large Company 47,750-74,500 52,500-74,500 34,250-57,750 48,000-62,250 34,250-49,750 38,250-54,000 38,000-53,750 38,500-57,000 34,000-57,500 37,000-58,000 37,500-66,000 38,500-66,500 41,000-58,000 47,750-66,250 33,250-53,000 35,000-55,000 43,250-57,000 46,000-58,250 42,500-58,000 46,250-62,000 32,000-49,750 34,500-62,000 48,250-77,250 57,500-88,750 38,250-59,250 39,250-62,250 59,500-77,250 62,000-88,750 48,000-77,000 52,750-79,500 35,250-59,000 49,500-63,500 34,500-52,250 39,000-56,500 37,750-55,250 39,500-58,500 34,500-59,750 37,000-61,500 38,500-68,500 40,000-70,000 42,000-59,500 50,000-66,750 34,750-53,500 36,500-56,000 43,250-58,250 46,250-60,500 43,500-60,250 47,500-64,750 33,000-51,500 33,250-64,250 50,000-79,250 60,250-90,500 38,750-61,250 39,500-65,000 60,000-80,500 64,250-90,750
102,500-414,250+ 108,000-430,000+ 57,500-66,250 75,250-165,750 41,000-49,500 54,750-91,000 30,000-41,500 41,000-58,000 27,500-37,250 34,250-45,500 24,500-33,000 27,500-33,250 16,500-20,750 17,250-24,750 59,250-69,250 78,000-173,500 42,500-52,250 57,000-94,500 32,000-42,500 42,000-61,750 28,750-38,750 34,750-48,250 25,500-34,250 28,500-34,500 17,250-21,250 17,750-25,750
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PQ/NQ
PoSiTioN TiTle Part Qualified Stage 1 SME Large Company Part Qualified Stage 2 SME Large Company Part Qualified Stage 3 SME Large Company Part Qualified Stage 4 SME Large Company Newly Qualified SME Large Company 2011 16,250-23,000 17,500-23,750 17,000-27,250 17,750-32,250 19,750-32,250 20,250-35,750 23,000-38,000 24,000-42,000 28,000-43,000 30,000-45,000 2012 16,500-24,000 17,500-24,750 17,500-28,250 18,500-33,000 20,500-33,000 20,500-37,000 23,500-39,500 24,500-44,000 30,000-46,000 33,000-48,000 % ChANge 3.2% 2.4% 3.4% 3.0% 2.9% 2.7% 3.3% 3.8% 7.0% 8.0%
Regional variances
UK Region
United Kingdom Scotland North East England North West England Yorkshire East Midlands West Midlands East of England London South East England South West England Wales
Variance index
100.0% 87.7% 73.6% 78.8% 77.9% 80.3% 79.0% 93.9% 120.7% 101.3% 80.6% 73.1%
Salaries for Part Qualified (PQ) and Newly Qualified (NQ) professionals may be captured in the functional roles listed. These should be used as a guide and do not need a regional variance applied. Please speak with a recruitment consultant in your region to discuss trends affecting the local market.
And how much, on average, do you anticipate increasing existing staff salaries by in the next six months?
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their they often look to cut is ts, one of the first places panies try to control cos sations underAs com ies left many organi ent recession, redundanc workforce. In the most rec ads began to increase. improved and worklo resourced once conditions skilled manent workforce with t supplement a core per sses hoping to le recruitment models tha Flexib al solution for busine rkers have proved the ide m a changing temporary and interim wo unt that often results fro subtracting headco the cycle of adding and ir fixed recruitment avoid vert a portion of the roach, companies can con economy. Using this app els. ense tied to workload lev costs into a variable exp can d interim professionals ise that bringing in talente y. Permanent esses increasingly recogn Busin strategy in any econom prehensive recruitment sonal and be a key part of their com typically, embody the per workforce and, yees form the core of the technically as emplo ff augment their efforts sation, while interim sta ouse or cultural fit of the organi to skills unavailable in-h s also can provide access ded. Project professional nee not needed year-round. rec The bottom line: flexible uldnt otherwise have. it wo ruitment gives a compan y resource and cost-contr ol options
We find the most effective match. We have one of the largest networks of skilled talent in the recruitment industry, as well as access to job candidates that other sources dont. Among other distinctions, our status as the exclusive partner of The Wall Street Journal allows us frequent exposure to highly skilled professionals who are dedicated to their careers. We lead you through the process. We guide you through every step of the hiring process. We can help you determine your recruitment needs, set remuneration levels and handle hurdles along the way, such as addressing a potential candidates counter-offer. Communication is our specialism. We provide immediate assistance. The hiring process can be long and drawn out, and you may need help right away. We use the recruitment industrys most advanced technology to quickly identify candidates who meet your exact needs. We meet any need. Robert Half can provide you with a choice of skilled candidates
with specific expertise and experience to match your unique needs. No matter your budget or requirements, we can find a skilled professional who can assist your business.
For more information about Robert Halfs financial recruitment divisions and how we can help meet your specific needs, please call 08705 329635 or visit roberthalf.co.uk. To stay informed of the latest trends affecting the UK employment market, follow us at roberthalfuk.
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