War for accountancy talent to resume but at reduced wage levels
Tue 16 Feb 2010
War for accountancy talent to resume but at reduced wage levels says Martin Ward Anderson survey
- Over a third of accountants in full time employment would consider a 10 per cent pay reduction in a new job
However, 88 per cent believe the recession is forcing employers to be more rigorous in their hiring process
London, February, 2010. Almost half of accountancy professionals in the UK (48 per cent) plan to look for a new job when the economy is more stable, according to a survey of 220 industry professionals by Martin Ward Anderson, the specialist accountancy recruiter that is part of Randstad, the world’s second largest HR services company.
The survey also suggests that money is no longer such a prime motivator in the decision to move employers. Nearly two-thirds (61 per cent) of those questioned would consider a role that paid less than their current or most recent position.
The number is significantly higher amongst unemployed accountants, with 93 per cent saying they would consider a lower level of remuneration. They are also prepared to take bigger cuts, with over a quarter considering cuts of up to 20 per cent. Of those in full time employment, 38 per cent would consider a pay cut of up to ten per cent. With the weight of those surveyed currently earning £50,000 to £75,000, a ten per cent decline in pay would be a drop to £45,000 to £67,500 per annum.
Paul Robinson, Director of Martin Ward Anderson, said: “It might seem counter-intuitive that such a high proportion of employed accountants plan to look for a new job and would be prepared to receive significantly reduced levels of remuneration. However, the reality is that many of these people have been expected to do considerably more work by their employers during the recession, and have little loyalty to their current workplace. Many accountants feel they are stagnating in firms with severely reduced prospects and that it will take their business too many years to recover; they feel it is better to take a short term financial hit now for long term gain.”
The research indicates that employers have been applying greater pressure to their workers during the recession. Three quarters of the accountants surveyed said they had been asked by their employers to take on work that was previously undertaken by colleagues more senior or junior to themselves. On a positive note many said they were taking advantage of the broader responsibility and development this gave them.
In addition, nearly half of the accountants in work reported that their employers had sustained investment in skills training, with 20 per cent saying that investment in their skill sets had increased.
Robinson continued: “Whilst the work environment has been exceptionally tough for “Generation R”, those people that have experienced their first recession, many of them at more junior levels have used the pressure facing their firm to gain additional skills and expertise that will stand them in good stead for their career development.”
The qualifications of the professionals surveyed were: ACA (33 per cent), CIMA (30 per cent) and ACCA (17 per cent).
Research methodology
Martin Ward Anderson conducted an online survey of 220 accountants across the UK.
Continue