Recession actually causes some pay packets to increase. A return to traditional benefits almost inevitable
United Kingdom (PRunderground) May 28, 2009. – Accountants securing new employment in 2009 will find markedly different remuneration packages on the table, according to the latest salary survey by UK finance job recruiters, Martin Ward Anderson. But, interestingly, this doesn’t mean all salaries will be lower nor that benefits will be cut.
Research compiled from 1,876 HR and line managers throughout the last quarter of 2008 and first quarter of 2009, shows that the key winners of the recession include:
β’ Part-qualified accountants in London’s commerce and industry sectors, who are so in demand salaries at the finalist level have hit Β£40,000 plus for the first time
β’ Finance professionals working in public sector jobs, where salaries have catapulted up 11% in order to attract high fliers from the financial services and corporate markets
β’ Candidates wishing to work in the Middlesex commercial belt (where a high number of consulting, FMCG and IT companies are based). Although bases remain lower than London blue chips, the benefit packages offered have noticeably increased
β’ Candidates keen to work overseas, where the weakness of the pound means salaries paid in European and international currencies are more lucrative than ever before.
Losers include:
β’ Accountants working in financial services, where bonuses have been almost non-existent. And, the sheer number of immediately available candidates has resulted in salaries dropping as over-qualified candidates effectively undercut each other in a bid to return to stable employment.
β’ Temporary accountants are experiencing multiple interviews scenarios as the recruitment process has become more rigorous and is taking considerably longer.
Martin Ward Anderson chief executive, Richard Wright adds, “Interestingly, I think there is bound to be a return amongst our financial services clients to the banking benefits of old - such as preferential mortgage rates. These very much fell out of vogue when credit was cheap and deals were plenty. Now, with so many people struggling to get on, stay on and move up the housing ladder, reduced mortgages could be a real incentive to join”
Elsewhere within Martin Ward Anderson’s areas of operation (the South Coast, Home Counties, Bucks, Beds & Northants, North West and Scotland) salaries, temporary pay rates and benefit packages remain relatively stable.
Richard Wright explains, “The one common denominator across all disciplines and locations however, is the approach to bonuses. Normally, they never needed much explanation or discussion at interview stage. Now companies are really emphasizing that whilst there is a bonus potential with every role, these are completely dependent on new recession influenced company and individual targets. Companies are keen to secure the best talent in the market to drive businesses forward - but are being brutally realistic about what they can offer in terms of incentives.”
The Martin Ward Anderson Salary Survey is based on 1876 surveys with HR and Line managers in organizations across the UK and Netherlands over the last 6 months
The full report including methodology can be accessed at: www.martinwardanderson.com/uploads/documents/brochure.html
To arrange an interview with a spokesperson please contact:
Belinda Walmsley - Associate Director
BelindaWalmsley@joslinrowe.com
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CONTACT INFORMATION:
Contact Name: Belinda Walmsley
Phone #: 07761 562 254
Email: BelindaWalmsley@joslinrowe.com
Web: http://www.martinwardanderson.com
Please direct all questions to the person listed under “contact information” above. PRunderground does not represent this company, we are simply the distributor of this release.
