Almost 80% of accounting professionals are expecting to receive a rise in their annual salary and 63% expecting to receive a bonus in the coming year, according to the Robert Walters 2015 Guide to Pay and Bonus Expectations for accounting professionals.
Although 31% did not receive a pay rise in 2014, the Robert Walters UK Job index shows an increase in the number of accounting roles advertised, which closely corresponds with the growing number of professionals expecting to see salaries rise as economic conditions improves.
“Restored business confidence in 2014 meant that firms began investing in their accounting teams. As competition in the market increases in 2015 and accountants are in higher demand, it is important for hiring managers to consider the compensation packages they are offering when trying to attract and retain top talent.” says Andrew Setchell, Director at Robert Walters - London.
Increase in salary and bonus expectations
Amongst those surveyed, it appears that on the whole, accounting professionals are optimistic about the coming year with many expecting further rewards for their skills.
The survey revealed that salary and bonus expectations differ amongst accountants based in different regions. This suggests that organisations located in certain areas are more cautious about rewarding accounting professionals.
- 79% of operations professionals are expecting a pay rise in 2015
- 64% expect to receive a bonus
- Over a third hoping for bonuses to be 10% or more of their base salary
- 22% anticipate a pay raise of between 4% and 10%
Nevertheless, as business conditions improve, employers that do not adjust their remuneration strategies in line with market expectations risk losing key staff, especially as almost half of accountants across the UK feel confident that they could find a new opportunity easily and would be inclined to do so especially if a new role offered career progression.
“Heading into 2015, it is apparent that majority of accountants have more confidence in the jobs market then they had last year, with only 15% stating that they are worried about the market and wouldn’t feel confident about finding a new opportunity. It is crucial for line managers to offer career development to their accounting teams” according to Janine Blacksley, Associate Director - Milton Keynes. Employers that do not adjust their remuneration strategies in line with market expectations risk losing key staff, especially as almost half of accountants across the UK feel confident that they could find a new opportunity easily.
About the survey
The Robert Walters Pay and Bonus Survey questioned professionals on a range of compensation questions, including their pay and bonus expectations, their career plans, and how long they intend to stay at their current firm.
Robert Walters produces regular research publications on the recruitment market in the UK – visit the Hiring Advice section for a full list.
Are we facing a skills shortage? What do employers need to do about it? Read the Robert Walters whitepaper Recruiting professionals in a candidate short market.