Our 2020 finance salary guides show that most regions have seen an overall growth in the market. However, average salary growth for individual roles has been inconsistent across the UK this year, with many salary increases not being reflected across all regions.
A certain amount of instability is expected, as general economic uncertainty has led to employees being reluctant to change roles. This means that any talented candidates who do choose to change role will receive a number of offers from businesses competing for the top talent.
Given the competition for established workers, employers are looking to the future; we have seen a huge increase in demand for newly qualified candidates. There are two clear reasons for this; firms feel these are their managers of the future, but also, they feel they have a better chance of developing and retaining candidates at this level.
The Reed Accountancy and Finance Salary Guide 2020 highlights some of the key trends in the UK finance industry over the last 12 months and looks to give insight into emerging patterns for 2021.
Using data gathered from 2.7 million jobs posted last year on reed.co.uk, the guide provides a comprehensive picture for some of the most prominent jobs in the industry.
It looks at the sector across 12 UK regions and contains wage information on roles such as; financial analyst, commercial accountant, project accountant, finance manager, and finance director.
The North West has seen the largest salary growth (5.7%) in comparison to the national average of 3.2%. East Anglia has seen the largest decrease in average salaries, at 3.3%.
At the very senior level, the regions that have seen the largest growth for finance directors are the South East and the South West, with rises of 7.7% and 6.9% respectively.
In the East Midlands, there has been a 6.5% increase in pay for financial accountants, yet commercial accountants have seen a decrease of 2.4%. Group financial controllers in the North West have seen a considerable salary increase of 10.3%, whereas financial accountants in Scotland have seen a 6.9% drop.
The competition for the best candidates is fierce, you cannot afford to lose your top candidate to a business that offered a better package. It’s important for organisations to be aware of appropriate remuneration packages which are being dictated by the market.