Employers offer accountancy staff pay-rises in a bid not to lose them
Employers are proposing 20% pay-rises for their accountants who want to resign, in a bid to maintain their services, in data revealed from WH Mark Sattin.
The results demonstrate that the average counter-offer made to employees who are set the leave the company, was around 10% more than their salary back in 2008, with top talent now being offered as much as 20% to stay in their current roles.
The study also indicates that 50% of UK accountants now receive counteroffers, with 70% of London based accountants being offered more money.
Accountants are most required in sectors such as the media, energy, FMCG and banking.
Managing director of WH Marks Sattin, Dave Way, commented: “Companies have not been managing staff expectations around salary rises properly and that’s led to a surge in counter offering. This has all been driven by the salary-freezes last year.
“Now the market is more buoyant, accountants across the country are looking for salary increases. Nothing wrong with that, but many people have been trying to negotiate a salary increase this year, factoring in the increase they feel they missed out on last year, in addition to the rise they would normally expect. Naturally, that hasn’t happened and, as a result, more candidates have started to jump ship.
“Now companies are reacting to the problem, rather than handling it proactively. They also need to build long-term talent pipelines and engage employees more, identifying these issues early on. They should expect staff turnover to increase as the market hots up and start building their recruitment strategies to suit the climate.”