As the economy picks up, employers are once again facing a 'war for talent' as UK companies find it hard to recruit finance professional with the right skills and experience needed to deliver growth strategies, according to research by recruitment specialists Robert Half.
According to the 2014 Robert Half Salary Guide, the jobs market for experienced finance professionals has tightened dramatically and many of the most in-demand professionals are receiving multiple offers and counter offers.
The majority (87%) of UK CFOs surveyed say that it is difficult to find skilled financial professionals, up from 79% last year. As a result, organisations are paying more for those with suitable qualifications, with management/financial accountants seeing the greatest percentage increase in salary, up by 3.8% for those within SMEs and 4.1% for those in large businesses.
However, the survey warns that the shortage of strong candidates means that finance departments are being asked to do more with less. As workloads have grown, nearly half (48%) of UK executives say voluntary employee turnover is on the rise within their organisations as staff look for more pay or better opportunities.
Phil Sheridan, senior managing director, Robert Half UK said: 'Many companies continue to be challenged with recognising the efforts of their employees with balancing cash flow issues, making it difficult to award annual increases. As such, retention fears are growing.' ;>
Compliance salaries continue to increase the most year by year, with the salary for compliance managers within SME and large organisations increasing 3.4% and 3.2% respectively. The report says experience in systems implementation is also highly valued, particularly with the move to pension auto enrolment.
However, money is not the only consideration for finance professionals according to Sheridan who said: 'Companies looking to attract the market's most sought-after professionals are realising that pay is only one factor affecting candidates' decisions. As workloads increase, employees aim to balance work and life commitments. Offering a comprehensive benefits package, often flexible and tailored to each employee's preferences, is helping companies position themselves as great places to work.'
The Chartered Accountants' Benevolent Association (CABA), the main charity for the sector, echoes this point and warns that the current, improving economic picture may actually place as much pressure on accountants as some recent periods of recession.
CABA chief executive Kath Haines said: 'Many businesses have reduced staffing levels over the last few years in direct response to the credit crunch and, as the amount of work starts to rise over the next few months and years, more will be asked of accountants who are often already working near their capacity.'
Haines said that some businesses will be reluctant to hire more staff until they are sure that the recovery is sustained and, during that period, people will potentially be put under pressure to handle workloads that increase very quickly. She urged anyone feeling under stress to consult CABA, which offers a range of support, advice and training.
