Last updated: 06 Feb 2024 10:30 Posted in:
Workers in the accountancy and finance sector saw their salaries rise by an average of 4.2% year-on-year in 2023, according to new research from recruitment giant Reed. By comparison, those working in the sector enjoyed an increase of 4.7% in 2022.
And it found that those working in Wales (6.8%) and the North West of England (6.7%) have seen the biggest increase in wages in the sector. The South East (3.3%) and the West Midlands (4.4%) saw the least growth.
“The North West has witnessed a move towards technology and digitalisation in the finance sector, while the initial public offering market and world of mergers and acquisitions continues to provide attractive options for skilled professionals from across the region and beyond,” said Douglas Turkington, regional director at Reed.
The survey also found that with ongoing cost-of-living challenges, salaries will continue to be a huge area of discussion in the employment market, for both professionals and businesses.
Reed’s data has also revealed that over half (56%) of workers are happy with the pay they receive, a slight increase from the previous year (53%). However, around one in four (24%) professionals feel unhappy with their current salary.
It also found that cost-of-living pressures were having an impact on those working in accountancy and finance. Over half (57%) of those who aren’t satisfied with their salary shared that this is because it hasn’t risen with the cost of living, over a third (39%) say it’s not enough for them to live the lifestyle they want, and 38% feel they are unable to save enough money to meet their financial goals.
Alan Myers, an accountancy analyst at Reed, said: “The accountancy sector finds itself at a crossroads after a period of talent shortages.
“Within a rapidly changing business landscape, advancements in technology are reshaping the industry, with both employers and professionals navigating the new landscape. The pandemic accelerated the adoption of digital tools, remote working and the importance of financial advisory services. These trends are here to stay and have profound implications for accountants.
Myers added: “Employers must recognise the current state of the labour market, with the much-reported shortage of skilled accountants becoming increasingly visible in financial statements.
“To stay competitive, encouraging a culture of continuous learning is essential, as businesses will need to upskill their teams in areas such as data analytics, automation and sustainability reporting to stay ahead.”
Reed analysed six million jobs posted on Reed.co.uk to produce its range of annual salary guides.
READ THE FULL REPORT“To stay competitive, encouraging a culture of continuous learning is essential, as businesses will need to upskill their teams in areas such as data analytics, automation and sustainability reporting to stay ahead.”
Alan Myers, Accountancy Analyst, Reed