Accountants’ salaries in the UK increased on average by just 1.4% in 2016, below the 1.7% increase in 2015 and below the UK average of 1.8% amidst mounting pressure on firms to provide clearer career paths.
According to Hays Salary and Recruiting Trends guide, which surveyed 3,780 finance employers and employees in the UK, 67% of finance employees said there was no scope for career progression within their organisation.
Karen Young, director of Hays Accountancy & Finance, said employers will need to review their reward and benefit packages and look at other ways, aside from salary, to attract the talented individuals they are looking for.
“Those professionals with knowledge of big data, data analysis and the ability to interpret this for business operations, whilst still delivering robust general financial controls will be sought after this year. Technology is becoming more prevalent within businesses across all sectors. Skills shortages will continue to cause concern regardless of the economic conditions, so employers will need to review the speed and agility of their hiring process so as not to lose out on the talented individuals they need.”
Young added that the overall outlook is positive for the finance jobs market with recruitment continuing and on the rise across a range of organisation sizes and sectors from what were at the close of 2016. However, this confidence has not been conveyed to staff, with many believing Brexit will affected opportunities for career progression and pay rises in 2017.