Salaries for UK finance and accounting professionals expected to outpace inflation nearly 4 times
With many companies continuing to experience economic challenges, those UK finance leaders who plan to increase base salaries for staff, will do so by an average 6.1%, easily outpacing UK inflation by nearly four times.
Globally, however, the UK lags behind some of the major European and global cities. Finance leaders in China are setting the pace on pay, with an expected increase on base salaries of 13.6%, followed by Hong Kong (11.4%) and Brazil (10.8%). Nevertheless, the UK is just trailing behind its European counterparts such as France (6.7%), and Germany (6.6%), each planning pay increases for existing staff.
Looking at the proportion that plan increases, four in 10 (42%) UK finance leaders said they will raise base salary levels and over a quarter (26%) will be increasing bonuses, while half (51%) will maintain current bonus offerings, according to the research.
China is leading the way when it comes to remuneration, with 70% of finance leaders saying they plan to increase base salaries and 61% planning to increase bonuses. From an average global perspective, over four in 10 (44%) plan to increase base salaries and more than one quarter (28%) plan to increase bonuses.
2,431 global financial services CFOs/FDs were asked: What remuneration trends is your finance department currently facing
Phil Sheridan, senior managing director, Robert Half UK, said, “The job market for UK accounting and finance professionals has tightened dramatically over the last couple of years, with businesses now paying a premium to recruit and retain top professionals. With organisations competing for a limited talent pool, finance professionals are in high demand, with many candidates receiving multiple offers.
“To retain business critical staff, companies need to pay competitively, as well as offer a host of other benefits, such as flexible working hours and extra holidays. Businesses that are unsure about the different types of remuneration, benefits and/or salary bands, should look to industry salary guides as a benchmark.”