Over half of finance professionals are dissatisfied with their pay and are planning to leave their jobs in the next year, despite 69% of accountants admitting that they have not asked for a pay rise over the last year, according to research from Hays
According to Hays’ salary and recruitment trends guide, which surveyed 1,300 finance employees, 39% of accountants’ salaries have remained the same or decreased in the last 12 months, which has led to 54% of finance professionals being unhappy with their current salary.
More than half (52%) of finance staff intend to leave their jobs in the next year, with a third (31%) planning to leave within the next six months. Of those intending to switch jobs, 28% cite dissatisfaction with salary and benefits as their main reason for wanting to leave.
Accountants tend to be dissatisfied with their pay because it does not reflect the responsibilities of their role (63%) and does not reflect their experience or expertise (52%).
Two thirds of finance professionals admitted that they had not received a performance-related bonus over the past year and those who were given a bonus received the same or lower amounts than previously.
Nearly all respondents (97%) said they felt they possess the skills needed to fulfil their current role, but over half (57%) feel there is no scope for career progression with their current organisation.
Hays has launched an online salary checker to allow individuals to see whether they are being paid in line with other professionals at the same level as them. It also shows what the typical salaries are at each grade level and what you could potential earn in the future.
Karen Young, director of Hays Accountancy & Finance, said: ‘We expect to see a number of candidates in the sector searching for new opportunities in the coming months, and for these professionals now is a crucial time to evaluate which direction they want in their career.
Over half (57%) of accountancy and finance employers intend on recruiting staff over the next 12 months – so the outlook for jobseekers is positive, as well as an increased appetite for finance professionals with strong technology skills. There is demand for accountants and finance professionals who can also work as business analysts and indeed data scientists, and use their technology skills to their advantage to further their career. Professionals with knowledge of big data, data analysis and the ability to interpret data for business operations are poised to be sought after.’
Hays salary checker is available here.
Report by Amy Austin
