The Robert Half 2016 Salary Guide provides unique insights into salaries, remuneration packages and current recruitment trends for accounting and finance, financial services, technology and administrative positions across the UK.
Download the salary guide for the anticipated year-on-year salary increases, insights on in-demand skills and positions as well as the current hiring trends in the UK. This year, we have also included insights into how employers can recruit for the right cultural fit and why today’s businesses cannot do without a flexible recruitment strategy.
We offer salary information for the following sectors:
Accounting and finance salaries continue to rise as skills shortages are still apparent, and the vast majority (92%) of CFOs are challenged in finding skilled professionals. The most difficult areas are in business and financial analysis, general accounting, and financial management and control. Concerns about losing staff to other job opportunities are high on the agenda of finance executives, with 87% worried about losing top performers.
The pace of the hiring environment for financial services professionals has intensified significantly over the past year. Hiring decisions are being made more quickly than ever before, and 54% of financial services businesses are increasing headcount. Now that the industry is fully back in growth mode, companies are having to compete for top performers, and as a result, salaries are increasing for skilled professionals.
IT is playing a key role in the recovery of the UK economy, and 94% of companies are looking to technology to play an important role in business growth, prompting the need for additional IT talent. As businesses look to upgrade systems and to make investments in newer hardware, the top reasons for increasing headcount include new IT projects and initiatives, moving to cloud-based infrastructure and product or service expansion.
Demand for skilled administrative professionals continues to outweigh supply as talented professionals are hard to find. According to HR directors surveyed, 94% find it challenging to find skilled administrative professionals. Administrative assistant salaries, receptionist salaries and customer service helpdesk salaries will see the strongest gains.
The Hiring Climate
The strengthening economic environment means that recruitment has now moved from a buyer’s market to a seller’s market. The resulting skills shortage is having a significant impact on salaries and the availability of strong candidates as 91% of UK HR directors find it challenging to recruit skilled professional-level employees.
While economic recovery and the growth agenda are leading to a tighter hiring market, the recession has also had an impact on the skills available. Companies refocused their graduate recruiting efforts and reduced training budgets for existing employees, resulting in a limited number of candidates with skill sets in demand today. These issues are leading employers to address the skills shortage in creative ways, including a focus on temporary and interim professionals.
Considerations that may affect hiring in 2016 include the Productivity Plan, launched in July 2015 and designed to raise productivity and promote a dynamic economy. Further measures that the government has announced include the TechNorth hub, designed to unify tech hotspots in the North-East and North-West, and the Small Business, Enterprise and Employment Act 2015, which seeks to cut red tape for small businesses in a bid to boost job creation.
These measures create a sense of momentum and confidence in the business community, and this is translating into CFOs predicting higher growth in their companies’ headcount. One in two CFOs plan to recruit additional headcount.
Greater business confidence, collaborative working enabled by the cloud and the need to offer flexible working options in a competitive market are driving investment in reviews of technology and upgrades.
Just as we are seeing growth in business confidence, there is a commensurate rise in concerns over staff retention. The majority (87%) of UK CFOs are worried about losing top performers from their finance teams and are taking steps to mitigate that risk, including making counteroffers when employees resign.
The recovering economy is creating growth and fuelling the development of new enterprises and therefore a greater need for ever-scarcer talent. According to HR directors, higher pay is a less important factor than better work–life balance when employees are considering a move, which indicates that professionals are looking for a comprehensive remuneration package. It may be time for organisations to revisit their retention strategies in this competitive environment.
Check Your Salary Online
Check and compare salaries with the Robert Half 2016 online salary calculator. It gives you instant access to average salary ranges in your local area for accounting and finance, financial services, information technology (IT) and administrative roles.
Our salary data can help you prepare for your next salary review or performance appraisal or help negotiate a pay rise. Try our salary checker and find out what you could be earning in 2016.