REWARD
Building future-proof careers in accountancy and finance
Helen Livesey, senior business director, Hays, gives an insight into the current trends in the market, and the skills employers are now looking for
W e bring the people, the career goals, now and in the future. Our Salary and Recruiting Trends 2023 Guide is highly comprehensive, providing you with the answers you need to get your career decisions on the right track. Get the latest insights and find out how you can accelerate your career in 2023. Professionals drawn to better pay and prospects In the wider accountancy and finance industry there’s been a slight increase in the number of professionals looking to change jobs. This year, 38% moved jobs compared to 35% last year, and a further 39% considered a change. This upsurge in movement is partly a result of the ongoing skills shortage, which is having a significant impact on the sector. Businesses are in high competition to attract the best talent and 63% predict competition for talent with other employers. This is expected to technology and the partnership you need to achieve your push salaries up over the next year. Currently, career prospects in the accountancy and finance sector are flourishing. Salaries are rising consistently and are particularly high for roles where skills shortages are especially acute. We’ve seen an average pay increase of 6.5% over the last 12 months across the accountancy and finance profession. Within the payroll sector, salaries rose
by an average of 6% last year and 86% of employers say they see this rising further in the next 12 months in a bid to retain talent. The eight job titles with the highest salary increases in the payroll sector are listed below: 1 ) international payroll specialist (9.5%) 2 ) sole charge payroller (7.2%) 3 ) international payroll manager (6.6%) 4 ) payroll supervisor / team leader (6.2%) 5 ) payroll clerk (6.0%) “In the wider accountancy and finance industry there’s been a slight increase in the number of professionals looking to change jobs”
leaving their last job include: l finding the role unfulfilling (23%) l a lack of career development opportunities (22%) l lack of career progression (21%).
Despite this, payroll professionals retain a mostly positive outlook, with 77% rating their job satisfaction positively and 58% feeling positive about their career prospects. Focus on enhancing your skill set In the last 12 months, 90% of employers experienced a skills shortage, which, in turn, has negatively impacted productivity. Skills most in demand within accountancy and finance include: l communication and interpersonal skills (63%) l the ability to adopt change (52%) l the ability to learn continuously (47%). Increasing skills shortages mean that businesses are more flexible than ever when looking for ways to attract staff. Organisations are frequently offering hybrid working options, and a strong sense of purpose to increase their ability to attract the field’s top talent. Businesses are also increasingly open to hiring candidates with alternative skill sets. Many are trialling new recruitment approaches and considering different ways of assessing potential, that move beyond the traditional benchmarks expected on a CV. To help alleviate current and future skills gaps, employers can broaden their
6 ) head of payroll (5.9%) 7 ) payroll manager (5.4%) 8) payroll administrator (4.6%).
Despite growing salaries, a substantial 32% of employees remain dissatisfied with their renumeration package, a number likely fueled by the growing cost-of-living crisis. It’s this factor that’s contributing to the most dissatisfaction at work, with 27% considering a move to secure a better salary and benefits package. Other reasons for
| Professional in Payroll, Pensions and Reward | March 2023 | Issue 88 32 | Professional in Payroll, Pensions and Reward
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