Friday 13th December, 2013

Robert Half’s Salary Guide 2014 finds the jobs market for experienced finance professionals has tightened dramatically. Despite relatively high levels of general unemployment, UK companies are finding fewer candidates with the right skills and experience.

Many of the most ‘in-demand’ professionals are receiving multiple offers and counteroffers creating a ‘war for talent’ amongst businesses.

According to the guide, the majority (87%) of UK CFOs surveyed say that it is challenging to find skilled financial professionals, and as a result, organisations are paying more for the market’s brightest and best candidates - a figure up on last year which stood at 79%.

The shortage of strong candidates means that finance departments are being asked to do more with less. As workloads have intensified, voluntary turnover is on the rise as employees look to increase salaries. As a result morale and retention concerns are growing fast in British businesses.  

Compliance salaries continue to increase the most year by year, highlighting this huge demand, with the salary for compliance managers within SME and large organisations increasing 3.4% and 3.2%, respectively.

Finance professionals are benefitting from optimism in the market as companies look for additional insight and strategy into business process improvement, cost savings and new revenue sources. Indeed, the research shows that 41% of CFOs and FDs choose this as their most valued attribute. Save

According to the report, experience in systems implementation is also highly valued. Pension auto enrolment will create a new requirement for systems to be updated and for the finance department to partner with HR and payroll departments to ensure that organisations remain compliant with government legislation. Many executives anticipate increasing headcount to manage the operational implications of the new regulation.

Phil Sheridan, Senior Managing Director, Robert Half UK 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."