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UK COMPANIES STRUGGLE WITH THE FINANCE GROWTH CHALLENGE FINDS 2013 SALARY GUIDE FROM ROBERT HALF

UK COMPANIES STRUGGLE WITH “THE FINANCE GROWTH CHALLENGE” FINDS 2013 SALARY GUIDE FROM ROBERT HALF

Finance teams being asked to do more with less – creating the finance growth challenge

Hiring activity not keeping pace with extra workloads

Salary guidehelps employers set realistic and competitive pay levels to attract the best staff

A twin speed job market has emerged over the past 12 months and will continue into 2013, finds the 2013 Robert Half Salary Guide. Highly skilled accounting and finance professionals remain in high demand despite more stagnant general job growth. The majority (78%) of UK CFOs say that it is challenging to find skilled financial professionals, and as a result organisations are paying more for the market’s brightest and best candidates.

The shortage of strong candidates, together with the general slowdown in new hires, means that finance departments are generally being asked to do more with less: creating the finance growth challenge. Candidates who are particularly in demandinclude those with strong process analysis change management and project implementation skills as well as those commercially-aware accountants who can add value by performing business partnering functions throughout the business

The move towards global financial reporting and regulation means that there is demand from certain companies for IFRS specialists to help prepare for the January 2015 deadline. Candidates with previous experience in converting organisations from UK GAAP to IFRS can expect to command competitive salaries.

Experience in systems implementation is also highly valued. Pension auto enrollmentwill create a new requirement for systems to be updated and for the finance department to partner with HR and payroll departments to ensure that organisations remain compliant with government legislation.

Accountants who can conduct detailed financial and strategic analysis to help companies understand trends affecting the business, identify cost savings and ensure that their firm is well-placed for business expansion are particularly sought after.

Up and coming talent is also in demand: companies are looking to the future and shaping their succession planning strategies. Companies are seeking newly qualified accountantswith five or more years’ experience – especially for those with some industry experience outside of public practice.

The 3% club: salaries that will rise by 3% or more between 2012 and 2013

Role

2013 salary range

% rise over 2012

Financial Business Partner (SME)

&pound40,000 - &pound61,000

3.0%

Compliance Manager (Large company)

&pound41,500 - &pound60,000

3.0%

Newly Qualified Accountant (Large company)

&pound34,750 - &pound45,000

3.2%

Compliance manager (SME)

&pound41,500 - &pound60,000

3.3%

Financial Business Partner (Large company)

&pound40,250 - &pound60,500

3.5%

Internal Audit Manager (SME)

&pound43,000 - &pound62,250

3.7%

Credit Controller (SME)

&pound17,500 - &pound24,000

3.8%

Best paid roles in finance and accounting

Role

2013 salary range

% rise over 2012

Chief Financial Officer/Group Finance Director (Large)

&pound75,000 - &pound130,000

1.5%

Finance director (Large)

&pound69,750 - &pound121,500

1.6%

Partner (Public Practice)

&pound108,000 - &pound430,000

Phil Sheridan, Managing Director, Robert Half UK said: “The hiring climate has evolved to address the finance growth challenge. While some companies lack the revenue growth needed to increase headcount, others cite lack of access to credit and working capital, which is stopping them from hiring the talent needed to commit to new ventures or expand operations. However, our research shows that business confidence has improved, with most CFOs saying that they are more confident in their companies’ growth prospects than last year. Finance professionals are benefitting from this optimism as companies look for additional insight and strategy into business process improvement, cost savings and new revenue sources.

“Offering competitive compensation can help organisations attract top professionals and keep them on board. While pay is not the only factor employees consider, an attractive remuneration package can often be the difference between welcoming employees to your team and watching them accept job offers from competing organisations.”

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