Marks Sattin Market Insight 2013 (Thames Valley)

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In Q4 of 2012 Specialist Financial Recruitment Marks Sattin conducted a survey with clients and candidates, focused on the demographics, length of tenure, working week, job security, career motivations, department changes, reward and bonus trends of finance professionals.

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Marks Sattin Market Insight 2013 (Thames Valley)

  1. 1. Market Insight 2013 Thames Valley Accountancy, Finance & Advisory
  2. 2. METHODOLOGY Marks Sattin is a leading multi-divisional specialist accountancy, finance and advisory recruitment consultancy. Since our formation in 1988, Marks Sattin has established an excellent reputation for providing the full range of permanent, temporary, contract and interim professionals within the public and not-for-profit sector, commerce and industry, banking and finance and public practice. Marks Sattin is a well-established specialist recruitment firm with over 100 recruitment consultants based in the UK and Ireland, and a further 60 consultants across our global offices. To give an outline on the scope and size of our operations: • In 2012 we helped our clients fill more than 650 temporary placements and 850 permanent positions • We currently work with 75 of the FTSE 100 companies • At any one time we represent over 65,000 finance, accounting and advisory professionals throughout the UK and Ireland • We currently average over 24,000 visits to the Marks Sattin website every month • Marks Sattin are proud to work with a number of The Sunday Times Fast Track 100 and Best Companies to Work For. CONTACT US LONDON 322 High Holborn, London, WC1V 7PB +44 20 7321 5000 london.uk@markssattin.com NORTH WEST 3rd Floor, Centurion House, 129 Deansgate, Manchester, M2 3WR +44 161 638 8630 manchester.uk@markssattin.com THAMES VALLEY Davidson House, Forbury Square, Reading, Berkshire RG1 3EU +44 118 900 1800 thamesvalley.uk@markssattin.com YORKSHIRE Park Row House, 19-20 Park Row, Leeds, LS1 5JF +44 113 242 8177 yorkshire.uk@markssattin.com In Q4 of 2012 Marks Sattin conducted a survey with clients and candidates, focused on the demographics, length of tenure, working week, job security, career motivations, department changes, reward and bonus trends of finance professionals. Over 2,000 accountancy, finance and advisory professionals from 20 industry sectors across the UK were surveyed. The report is based on findings received from respondents completing the survey as well as sector specific market insight and salary ranges (annual and day rates) from our experienced consultants based at Marks Sattin’s UK offices. Market insight and salary range data tables are provided across the following sectors and regions: Banking and Capital Markets, Change Management, Front Office, Insurance, Investment Management, Senior Finance, Commerce and Industry, Executive, Part Qualified and Transactional, Qualified, Advisory, Audit, Management Consultancy, Taxation, North West, Thames Valley and Yorkshire. It is important to note that this report is a useful guide, but if you need any tailored or specific advice please do contact us directly. markssattin.co.uk Marks Sattin @MarksSattin
  3. 3. LONDON CONTENTS FINANCIAL SERVICES INTRODUCTION..................................................................................................................... 2 COMMERCE & INDUSTRY LONDON................................................................................................................................ 19 Financial Services................................................................................................................. 21 Banking & Capital Markets................................................................................................... 21 Change Management........................................................................................................... 29 Front Office.......................................................................................................................... 37 Insurance............................................................................................................................. 45 Investment Management...................................................................................................... 53 Senior Finance..................................................................................................................... 61 PROFESSIONAL SERVICES Commerce & Industry.......................................................................................................... 69 Executive............................................................................................................................. 69 Part Qualified & Transactional Accounting............................................................................. 77 Qualified............................................................................................................................... 85 Professional Services........................................................................................................... 97 Advisory............................................................................................................................... 97 Audit & Assurance................................................................................................................ 105 Management Consultancy.................................................................................................... 113 Taxation............................................................................................................................... 123 THAMES VALLEY................................................................................................................... 157 Key Findings........................................................................................................................ 157 Executive............................................................................................................................. 165 Part Qualified & Qualified...................................................................................................... 171 THAMES VALLEY YORKSHIRE........................................................................................................................... 177 Key Findings........................................................................................................................ 177 Commerce & Industry.......................................................................................................... 185 Executive............................................................................................................................. 191 Temporary............................................................................................................................ 197 Professional Services........................................................................................................... 203 NORTH WEST NORTH WEST........................................................................................................................ 131 Key Findings........................................................................................................................ 131 Commerce & Industry.......................................................................................................... 139 Executive............................................................................................................................. 145 Financial Services................................................................................................................. 151 ACKNOWLEDGEMENTS & DISCLAIMER............................................................................... 209 YORKSHIRE 1
  4. 4. INTRODUCTION Dave Way In Marks Sattin’s 25th year of trading, we’re delighted to have received a record number of responses to our Market Insight 2013 survey. Over 2,000 accountancy and advisory professionals provided their feedback on key areas such as salaries, bonuses and overall business confidence – as both they and their employers see it – coming into 2013. 2012 proved to be a year of continued upheaval for the business community, with the eurozone crisis dragging on and the double dip recession increasing uncertainty across the markets. Despite this, the accounting and advisory community didn’t suffer in the way we’d seen in the previous downturns, with job cuts and redundancies far less frequent. However, cost management was still the order of the day, with capital expenditure, new investment and increased headcount being something of a rarity. Some businesses, industries and geographies will always buck the trend, and there was a resurgence seen throughout the qualified commerce and industry sector in later 2012. Areas such as natural resources, digital media, advertising, online retail and property were all more bullish thanks to improved trading. Conversely, high street retailers and areas such as manufacturing suffered significantly. DAVE WAY Managing Director Dave Way, Managing Director of Marks Sattin, believes in leading by example and is committed to making Marks Sattin the best financial recruitment company in the market. Having joined Marks Sattin as a graduate in 1999, Dave has worked at every level and division within the business, which gives him a deep understanding of the workings of financial recruitment. As such, he has considerable expertise in providing a bespoke service for clients and candidates alike. dave.way@markssattin.com +44 20 7747 9670 Recruitment within consultancy and public practice quietened after a busy 2011, as our clients took a cautious approach to recessionary markets. Financial services and in particular, the banking community, once more came under fire. But despite this, recruitment conditions for accountants in financial services improved as the year went on, with departments increasingly finding themselves under-resourced amid heavy regulation and change. We hope you find the results of our survey as interesting as we have. Please feel free to contact me or any of the Marks Sattin team directly to find out further details. From all the team we wish you a successful year! INTRODUCTION
  5. 5. KEY TRENDS SALARIES & BENEFITS Employers began to be slightly more forthcoming with pay rises for accountancy and advisory staff last year, with 68% of employees receiving a positive review and only 1% asked to take a pay cut. Only 30% of permanent staff and 20% of contract staff were unhappy with their current salaries, once again showing that remuneration isn’t a key driver for leaving. This is further highlighted by the fact that a 5 to 10% uplift in basic salary would be acceptable should a move come about. 56% of respondents were happy with their benefits packages, with the most important benefits being 25 days holiday, pensions and private healthcare – all of which were deemed more important than annual bonuses. The sensitive subject of bonuses was covered in depth in our survey. 47% of respondents received a bonus, 38% were not entitled to one and 15% not awarded one. These figures aren’t necessarily surprising, as bonuses are becoming increasingly tied to company performance and a high proportion of companies have failed to deliver on targets over the course of the year. 68% spondents ceived a 68% ncrease of respondents received a st year pay increase Of those receiving bonuses, only 44% were satisfied with what they received. 1 to 9% of salary was the most consistent amount paid out across the board (received by 41%) while 32% received 10 to 19% and a lucky 27% received over 20% of their basic salaries. The fact that 1 to 9% of basic salary was the most common bonus payout is perhaps a sign of the increasing scrutiny of bonuses by the wider business community, although the biggest bonuses were still paid within the financial services sector. last year 68% Our survey showed that across the board, accountants were far better looked after than other professionals. The average salary for accountancy and advisory professionals rose in 2013, a strong indicator of the value of finance professionals during uncertain and changing times. of respondents received a pay increase 56% Only 30% of permanent staff and 20% of contract staff were unhappy with their current salaries last year of respondents were happy with their 56% benefits of respondents were happy with their 56% benefits of respondents were happy with their benefits 44% of respondents were satisfied with their 44% bonus of respondents were satisfied with their 44% of respondents were satisfied with their bonus bonus Our survey showed that across the board, accountants were far better looked after than other professionals
  6. 6. INTRODUCTION Dave Way JOB SECURITY Similarly to our other surveys over the past five years, the crystal ball for 2013 does not show a picture of renewed optimism, with only 20% of respondents feeling more confident about the economic prospects facing their companies compared to the last 12 months. 36% of our respondents anticipated changing roles over the next year, compared to 52% the previous year. Despite this, only 44% stated that they are currently happy within their role, perhaps showing a greater tolerance due to the current climate. Aligned with this is the clear fact that accountants find themselves far more secure in their positions than in previous years, with an overwhelming 78% feeling secure compared to 70% last year. This is clearly an encouraging statistic compared to previous surveys, where respondents expected headcount cuts as a result of the economic downturn and uncertainty. Business process/policy changes (41%) salary freezes (36%) and budget cuts (35%) are predicted for this year, showing that belt tightening and cost control are still the order of the day. Businesses are striving to ensure they maximise profits, but not to the extent of losing finance staff. 2013 78% 2013 of respondents feel secure in their current role % of respondents feel secure in their current role 78 2012 2012 70% of respondents felt secure in their current role % of respondents felt secure in their current role 70 33% of respondents actually saw an increase in the size of their teams over the past 12 months Few businesses are perceived to be taking a long term view on headcount, which is hardly surprising considering the yo-yo economy and false dawns seen over the past few years. Only 18% of respondents believed their management were planning one to two years ahead, whilst the majority (31%) thought that hiring was short term and only looking six months ahead. This lack of succession planning, which ties in with the reactive hiring we’ve experienced throughout 2012, will surely be to the detriment of some departments if not rectified in 2013. 33% of respondents actually saw an increase in the size of their teams over the past 12 months. Many businesses have clearly been as lean as possible in terms of headcount over the past few years, and whether this will come back to bite them is yet to be seen. 34% of our participants said their working hours increased over the past 12 months, with over half putting this down to an increase in responsibilities. This might suggest that a greater degree of variety and progression is coming into working life, as bosses are reluctant to add new heads or contractors to cover gaps in their departments.
  7. 7. KEY TRENDS MOVEMENT Overall, we saw a consistent movement of accounting professionals throughout 2012, with many now feeling it’s an opportune time to re-enter the job market after staying put during the worst of the global financial crisis. This is shown by the fact that 41% of our respondents were only in their first year of employment in early 2013. In line with this, the majority of hires in 2012 were replacement hires. As a result, the volume of counter-offers increased significantly across the board, as employers reacted to valued team members being offered higher salaries and rates elsewhere in the market. In 2013, this reactive element has subsided somewhat. Salaries are increasing organically, acknowledging the opportunity cost of losing the best staff to competition. The motivations for moving on to greener pastures continue to be an interesting topic for our business. Throughout the downturn, we’ve seen that accountants seldom move for cash, although money does remain part of the decision to move (and very rarely do candidates ever move for less!) The greatest drivers for moving continue to be career development, which top scored with 33%, with new challenge/ interesting work in second. Higher salary was cited by just 26%, showing that our respondents on the whole put their careers before cold cash. Recruiters continued to be the top source of finding roles (46%) with 13% coming from personal contacts. This shows the ever increasing importance of expanding your business network and keeping in good favour with previous employers. Where networking is concerned, 66% of respondents are now on LinkedIn and 59% on Facebook. Whilst neither will cover all of the bases in any given job search, this shows how much social media plays a prominent part in our respondents’ lives. 88% of respondents state that working with a recruitment agency is still a vital part of any new job search. Also of note is that 38% of candidates took only three months to find their last role, primarily as a result of the volume of roles available and being able to dedicate enough time to the job search. 88% of respondents state that working with a recruitment agency is still a vital part of any new job search. 41% of respondents were only in their first year of employment 42% of respondents would relocate to the USA RELOCATION Never more so has relocation been a hot topic within the finance community. As a result, our non-London businesses have continued to offer great opportunities to their local markets, benefiting from a sizable relocation of resources and highly talented candidates from the South East to the West, North East, North West and Ireland. International opportunities are also becoming more appealing, with candidates’ top motivation being a better quality of life and the second being a desire to experience a new culture. Interestingly, and despite the lucrative options being advertised overseas, only 48% said that money would be the main reason for moving, which was the fourth most important reason. The USA was the most popular destination for a new working life (chosen by 42%) maybe as a result of its resurgent markets coming into 2013. The golden beaches of Australia appealed to 33% of our respondents, followed by the well-documented and high profile allure of Asia, with Singapore at 33% and Hong Kong at 32%. But with talk of bonuses being capped, corporate and personal taxes being too high and our climate being as unpredictable as our economy, is now the time to spread our wings? Not according to the 29% of our respondents who wouldn’t relocate, primarily because of having settled where they are.
  8. 8. KEY FINDINGS Demographics RESPONDENT PROFILE Gender 2,016 Social networks actively used by respondents 67% respondents took part in this year’s survey 67% 33% LinkedIn 66% of respondents were male and 33% female Facebook 59% Age Twitter 17% Less than 25 years 7% Other 7% 26 to 30 years 23% 31 to 35 years 21% None 15% Respondents could choose more than one answer 36 to 40 years 15% 41 to 50 years 22% More than 50 years 12% <25 26-30 31-35 36-40 41-49 >50 years Work location 11% 59% Greater London 12% 64% Midlands 3% Yorkshire & Humberside 5% South East 7% 3% 11% 12% 9% 4% Other North West KEY Permanent Contract
  9. 9. 2-5 years UK years CURRENT EMPLOYMENT Which of the following best describes your qualification status? How are you currently employed? 10+ years 2-5 6-10 years years 10+ years 10+ years’ PQE 36% 10+ 2-5 6-10 years years 5 to 10 years’ PQE 18% 10+ years 10+ 2-5 6-10 2 to 5 years’ PQE 21% years years 2-5 10+ years Newly qualified 9% years 2-5 6-10 10+ years 6-10 years years 10+ Permanent or fixed term contract 78% Unemployed 2% years Part qualified 11% 10+ 10+ years Qualified by experience or not qualified 5% 10+ 2-5 6-10 Interim or contractor 20% years years Satisfaction with current role 10+ years 10+ Pe r 73% ent an m 73% of respondents would recommend their employer of respondents are unemployed ent an m Pe r Only 2% ent an m Pe r Satisfied 44% Neither satisfied nor dissatisfied 26% Dissatisfied 30% 44% of respondents are satisfied in their current role
  10. 10. Banking & Financial Services 28% 43% Commerce & Industry Telecoms and Technology Retail and Clothing Property and Construction FMCG and Pharmaceuticals Other Engineering and Manufacturing Energy and Natural Resources Business Services Advertising, PR, Media and Publishing Other Retail Banking Investment Management Investment Banking Insurance Change Management Capital Markets KEY FINDINGS Demographics SECTOR REPRESENTATION Which of the following best describes the area/sector you currently work in?
  11. 11. Management Consultancy Public Practice 11% 10% Other Taxation Corporate Finance Audit and Assurance UK Other Unemployed 6% 2%
  12. 12. KEY FINDINGS Market Perspective ECONOMIC PROSPECTS Compared with the last 12 months, how confident do you feel about the economic prospects facing your company? Top 5 expectations for your business in the next 12 months Business process/policy change 41% Salary freeze 36% Budget cuts 35% Recruitment freeze 34% More confident 20% Profitability of business 33% As confident 52% Respondents could choose more than one answer from a choice of 14 Less confident 28% JOB SECURITY Only 20% of respondents feel more confident about the economic prospects facing their company compared with the last 12 months Expectations for personal salary and job security in the next 12 months How would you rate your current job security? 64% 64% Secure 78% Insecure 22% 64% Salary freeze 20% 64% Salary reduction 3% 64% Shorter working week 2% Redundancy 1% 64% Other 14% Respondents could choose more than one answer
  13. 13. UK HEADCOUNT What is the size of your department? How has the number of staff in your team changed in the past 12 months? 61% of respondents selected business growth or expansion as the main reason for an increase in staff 34% Remained the 34% same 34% Remained the same Increased 33% Remained 1 to 5 employees 23% the same Decreased 28% 6 to 10 employees 21% Not sure 5% 11 to 15 employees 12% 16 to 20 employees 8% More than 20 employees 36% What is your employer’s recruitment strategy? of respondents selected headcount reductions as the main reason for a decrease in staff 36% of respondents have more than 20 employees in their department Short term (0-6 months ahead) 31% Medium term (6-12 months ahead) 18% Long term (1-2 years) 18% Non-existent 10% Not sure 23% 33% of respondents have seen an increase in the size of their team in the last 12 months
  14. 14. KEY FINDINGS Career Insight EXPERIENCE Length of time in the accountancy, finance or advisory profession 0 to 3 years 9% Length in current role 1 to 2 years 24% 11 to 15 years 18% 7-10 years Less than 1 year 41% 7 to 10 years 21% More than 20 years 4 to 6 years 19% 2 to 3 years 15% 16 to 20 years 9% 3 to 5 years 12% More than 20 years 21% 5 to 10 years 6% Not applicable 3% <1 1-2 2-3 3-5 5-10 >10 years More than 10 years 2% 41% of respondents have been in their current role for less than a year 55%of respondents chose taking on more responsibility as the main reason for an increase in working hours HOURS WORKED Average hours worked per week How has the number of hours changed in the last 12 months? Increased 34% Remained the same 53% Decreased 13%
  15. 15. UK RELOCATION Places respondents would consider relocating to in the next 2 years 2% 4 USA 42% USA 42% Singapore 23% Singapore 23% South Africa 10% South Africa 10% Australia 33% Australia 33% Hong Kong 22% Hong Kong 22% Malaysia 9% Malaysia 9% Mainland Europe 28% Mainland Europe 28% UAE 19% UAE 19% China 8% China 8% Within the UK 28% Within the UK 28% New Zealand 18% New Zealand 18% India 7% India 7% Canada 24% Canada 24% Ireland 12% Ireland 12% Other 3% Other 3% Respondents could choose more than one country from choice of 14 Respondents could choose more than one country from a a choice of 14 29% of respondents would not relocate Top 5 reasons for respondents wanting to relocate Improved quality of life 61% Different culture 54% New career opportunity 52% Better employment opportunities 49% Improved salary 48% Respondents could choose more than one reason from a choice of nine Improved quality of life is the main reason for respondents wanting to relocate
  16. 16. MOVING ON How do you rate the importance of the following sources when seeking a new role? 57 % 50 39 % 38 34 29 % 33 33 % 19 % 15 36% of respondents % % 20 11 % % % 7% 3% anticipate changing roles in the next 12 months Top 5 reasons for leaving last role Career development 33% New challenge/more interesting work 29% Higher salary 26% End of contract 18% Redundancy 16% Respondents could choose up to three reasons % 38% of respondents took up to 3 months to find their current role
  17. 17. 33 KEY Importance Vital 50 % Very important 43 38 Quite important % 39 % % 36 % % Not important 57 % % 30 50 % 43 39 % 38 34 57 29 % 33 33 % % 39 % % 36 % % 30 % Source % % 19 18 % 22 % 20 19 % 50 % 15 % 11 57 3% % 29 34 % 33 33 % % 50 % 20 39 29 9% 3 % % 11 33 33 % 20 3 43 % 36 % 2% 19 50 3% 30 10 39 % % 18 % 22 39 3 % % % % % 9% % 30 Online job boards/ advertising 18 % % 7% % % % 11 9% % National press 38 7 15 % 43 36 2% % % % 57 % 10 % % % % % 38 % 19 15 34 % % % % % 10 7% 22 18 % % % 39 10 % % % 22 % 9% % 43 2% 3 % % 39 % 38 34 % 29 2% 3% 33 33 % 36 % 20 % 30 % 19 % 18 % % 15 % 50 7% 10 % 33 33 % 36 % 20 30 19 % % 11 % 7% 10 4 2%3% 3 % 39 3 39 % % 36 % % 33 33 19 % 18 % % 7% Trade press % 22 % % % 15 % 30 % 20 % % % 38 34 Recruitment consultancies/ headhunters 9% % % % 22 18 % 15 % 50 % 11 % % % 29 39 % 34 29 57 3% % 38 % % 9% 243% % % 22 % % 3% 39 % Social networking % % 57 11 39 % 10 3% 9% % 2% 3% Word of mouth/ personal referrals/ internal contact How did you find your current position? Recruitment consultancy or headhunter 47% Internal promotion 5% Online advertising 13% Print advertising 2% Professional network or personal contact 13% Other 2% Direct approach 9% Not currently employed 9%
  18. 18. KEY FINDINGS Salaries & Benefits REMUNERATION When was your last pay review? Less than 6 months ago 33% 6 to 12 months ago 35% More than 12 months ago 12% 68% of respondents have had a pay review in the last 12 months Not applicable 20% What was the outcome of your last pay review? 33% of respondents perceive a 5 to 10% salary increase as acceptable if they were to move roles Pay increase 68% Pay remained the same 31% Asked to take a pay cut 1% Satisfaction with current remuneration t rac nt ent an m ent an m Pe r ent an m Pe r ent an m respondents Pe r Pe r ent an m 44% of permanent Pe r Pe r ent an m respondents are satisfied with their current remuneration compared with ent an m 53% of contract Co Pe r Satisfied 44% Satisfied 53% Neither satisfied nor dissatisfied 26% Neither satisfied nor dissatisfied 27% Dissatisfied 30% Dissatisfied 20%
  19. 19. UK BENEFITS 25 days holiday or more is the most desired benefit 56% 56% of respondents were satisfied with their benefits Top 5 benefits currently received 25 days holiday or more 78% Company pension scheme 64% 1-9% of salary Benefits considered most and least important when considering a new role 25 days holiday or more Annual bonus scheme Good company pension Private healthcare Insurance* Private healthcare 54% Sabbatical Annual bonus scheme 48% Mortgage relief Insurance (PMI/death in service/life insurance) 48% Respondents could select all benefits that applied Season ticket loan Daily subsidised meals Childcare vouchers *PMI/death in service/life insurance Respondents rated a selection of 20 benefits in order of importance BONUS Did you receive a bonus in 2012? 44% 44% of respondents were satisfied with their bonus As a percentage of your basic salary, what was your bonus in 2012? Yes 47% 1-9% of salary 34% of respondents received the same bonus in 2012 as 2011 1 to 9% of salary 41% 10 to 19% of salary 32% 20 to 29% of salary 15% No, not entitled to receive one 38% 30 to 49% of salary 5% No, not awarded one 15% 40 to 90% of salary 4% More than 90% of salary 3%
  20. 20. KEY FINDINGS Salaries & Benefits BONUS A comparison of bonuses received across sectors* 100 80 60 40 20 0 Banking and Financial Services Commerce and Industry Management Consultancy Public Practice KEY 1 to 9% of salary 30 to 39% of salary 50 to 79% of salary 10 to 19% of salary 40 to 49% of salary More than 80% of salary 20 to 29% of salary *Bonuses received as a percentage of salary
  21. 21. Paul Collier Regional Director THAMES VALLEY Key Findings +44 118 900 1800 thamesvalley.uk@markssattin.com
  22. 22. KEY FINDINGS Market Perspective ECONOMIC PROSPECTS Compared with the last 12 months, how confident do you feel about the economic prospects facing your company? Top 5 expectations for your business in the next 12 months Business process/policy change 48% Budget cuts 41% Recruitment freeze 35% Salary freeze 29% Greater focus on regulatory issues 28% More confident 13% As confident 57% Respondents could choose more than one answer from a choice of 14 Less confident 30% JOB SECURITY THAMES VALLEY Only 13% of respondents feel more confident about the economic prospects facing their company compared with the last 12 months Expectations for personal salary and job security in the next 12 months How would you rate your current job security? 53% 53% 53% Salary freeze 32% Secure 67% Insecure 33% 53% Redundancy 5% 53% Salary reduction 3% 53% Shorter working week 2% Other 13% Respondents could choose more than one answer
  23. 23. THAMES VALLEY HEADCOUNT How has the number of staff in your team changed in the past 12 months? 57% of respondents selected business growth or expansion as the main reason for an increase in staff 41% Remained the 41% same 41% Remained the same Increased 28% Remained the same Decreased 27% Not sure 4% What is your employer’s recruitment strategy? of respondents selected headcount reductions as the main reason for a decrease in staff Short term (0-6 months ahead) 43% Medium term (6-12 months ahead) 17% Long term (1-2 years) 11% of respondents have more than 20 employees in their team 28% of respondents have seen an increase in the size of their team in the last 12 months Non-existent 11% THAMES VALLEY Not sure 18%
  24. 24. KEY FINDINGS Career Insight EXPERIENCE Length of time in the accountancy, finance or advisory profession 0 to 3 years 4% Length in current role 31% 7 to 10 years 18% 1 to 2 years 24% 2 to 3 years 14% 16 to 20 years 13% 3 to 5 years 13% More than 20 years 29% 11-15 years Less than 1 year 42% 11 to 15 years 19% 69% 4 to 6 years 15% 5 to 10 years 5% Not applicable 2% <1 1-2 2-3 3-5 5-10 >10 years More than 10 years 2% 42% of respondents have been in their current role for less than a year THAMES VALLEY HOURS WORKED Average hours worked per week How has the number of hours changed in the last 12 months? 51% of respondents chose taking on more responsibility as the main reason for an increase in working hours Increased 26% Remained the same 57% Decreased 17%
  25. 25. THAMES VALLEY RELOCATION Improved quality of life Top 5 reasons for respondents wanting to relocate Improved quality of life 68% New career opportunity 58% Different culture 55% is the main reason for respondents wanting to relocate Better employment opportunities 49% Improved salary 43% Respondents could choose more than one reason from a choice of nine Top 5 places respondents would consider relocating to in the next two years Mainland Europe 38% 39% Australia 34% Within the UK 31% 39% 39% 39% New Zealand 29% 38% of respondents would not relocate Respondents could choose more than one country from a choice of 14 39% MOVING ON End of contract 54% New challenge/more interesting work 46% Career development 40% Redundancy 37% Higher salary 34% Respondents could choose up to three reasons 34% of respondents anticipate changing roles in the next 12 months THAMES VALLEY Top 5 reasons for leaving last role
  26. 26. KEY FINDINGS Salaries & Benefits REMUNERATION When was your last pay review? 73% of respondents have had a pay review in the last 12 months 40% of respondents perceive a 1 to 5% salary increase as acceptable if they were to move roles Less than 6 months ago 25% 6 to12 months ago 48% More than 12 months ago 11% Not applicable 16% 76% of respondents received a pay increase in their last pay review Satisfaction with current remuneration Co ent an m Pe r ent an m THAMES VALLEY ent an m of permanent respondents Pe r ent an m 45% Pe r Pe r ent an m respondents are satisfied with their current remuneration compared with Pe r Pe r ent an m 50% of contract t rac nt ent an m Pe r Satisfied 45% Satisfied 50% Neither satisfied nor dissatisfied 24% Neither satisfied nor dissatisfied 50% Dissatisfied 31% Dissatisfied 0%
  27. 27. THAMES VALLEY BENEFITS Top 5 benefits currently received Company pension scheme 83% 25 days holiday or more 82% Private healthcare 64% Insurance (PMI/ death in service/life insurance) 61% Annual bonus scheme 54% Respondents could select all benefits that applied A company pension scheme is the most desired benefit Benefits considered most and least important when considering a new role 25 days holiday or more Annual bonus scheme Private healthcare Company pension scheme Insurance* Childcare vouchers 59% 59% of respondents were satisfied with their benefits Mortgage relief Daily subsidised meals Sabbatical Season ticket loan * PMI/death in service/life insurance Respondents rated a selection of 20 benefits in order of importance BONUS 43% 45% 45% of respondents were satisfied with their bonus of respondents received the same bonus in 2012 and 2011 As a percentage of your basic salary, what was your bonus in 2012? 1 to 9% of salary 47% Yes 49% No, not entitled to receive one 39% No, not awarded one 12% 10 to 19% of salary 38% 1-9% of salary 20 to 29% of salary 14% 30 to 49% of salary 1% More than 50% of salary 0% THAMES VALLEY Did you receive a bonus in 2012?
  28. 28. Liam Griffin Senior Consultant THAMES VALLEY Executive +44 118 900 1805 thamesvalley.uk@markssattin.com
  29. 29. EXECUTIVE Market Insight The big trends of 2012 Outlook for 2013 After numerous cost cutting programmes in the past few years, businesses were keen to rebuild their senior management layer, so invested heavily in recruitment at this level. Typically, salaries in this area were between £70,000 and £100,000. We predict that senior recruitment will continue to grow as organisations look to restructure their middle management layer to support expected business growth over the next five years. The competition for these positions will be as fierce as ever, with tougher recruitment processes for more senior hires, as organisations seek to attract top talent both internally and externally. THAMES VALLEY We predict that senior recruitment will continue to grow as organisations look to rebuild their middle management layer to support expected business growth over the next five years We expect to see very little change in the overall style of the senior recruitment market, but would still expect steady growth in the overall number of opportunities. In spite of market conditions, organisations will continue to pursue the best talent where possible. Reactions to uncertain market conditions Quite simply, companies have been reacting to the market with caution. Senior hires have taken longer to complete as an increasing amount of senior non-finance stakeholders have become more involved in the overall decision making process. Not only this, but more companies have been using third parties to test and profile external candidates. This cautious approach to recruitment is a simple reflection of the pressures affecting many organisations. Recruitment is an expensive and time consuming process and organisations are taking every step they can to minimise any risk. Senior hires have taken longer to complete as an increasing amount of senior non-finance stakeholders have become more involved in the overall decision making process
  30. 30. THAMES VALLEY Market growth Over the last year we have seen two distinct areas of growth in the Thames Valley: the first has been in senior technical accounting roles and the second in senior internal audit positions. This growth seems indicative of a continued focus on risk and controls. At this stage, due to the shortage of high calibre individuals with these particular skills and the high demand for them in the market, we see no reason why this growth will not continue. Supply and demand The main area that has seen a particular increase in demand for candidates has been senior level audit and controls. This is as a result of organisations looking to strengthen their controls environment given the current economic conditions. Generally demand has been met in this area but companies have had to offer strong pay increases and more structured career paths to entice senior audit and controls individuals away from their current posts. Taking the next step in your career BE PATIENT The recruitment process can take a while but you must stick with it if you are serious about getting the best role on the market. BE BRAVE If you’re looking for a new job, you have to go to meetings and listen to what people have to say. A role is unlikely to find you, you need to take the first step and start looking. ENGAGE WITH YOUR RECRUITMENT PARTNER Give yourself the best chance to set yourself apart from the competition. Know what you have achieved and be confident in articulating where you can add value in your next organisation. PREPARE AND APPROACH EACH INTERVIEW DIFFERENTLY One style will not work for every interview you have. You must bring different skills to the table, depending on your audience. THAMES VALLEY One style will not work for every interview you have. You must bring different skills to the table, depending on your audience Due to the shortage of high calibre individuals with these particular skills and the high demand for them in the market, we see no reason why this growth will not continue
  31. 31. EXECUTIVE Market Insight Why candidates are making a move As can be expected, redundancy and business restructures are still a leading cause for people seeking new opportunities in a tough economic climate. At the top end of the market, there has also been a marked increase in the number of candidates moving due to a lack of career progression with their current employer and redundancies. In particular the phenomenon of the ‘phantom promotion’ has seen a noticeable increase, with many candidates no longer willing to wait to progress and instead deciding there is no clear direction in their current role THAMES VALLEY Attracting top talent At the top end of the market, there has also been a marked increase in the number of candidates moving due to a lack of career progression with their current employer CARRY OUT SWIFT PROCESSES Have an efficient recruitment process in place with a clear and defined interview structure, and ensure this process is communicated to candidates from the outset. PAY A COMPETITIVE MARKET RATE FOR THE ROLE It is no longer acceptable for companies to look for bargains, even in such a challenging market. OFFER PROGRESSION AND CAREER DEVELOPMENT Make sure the role offers a chance to progress, with clear guidelines for professional career development within the organisation. COMPLETE THE PROCESS Companies need to ensure they follow the recruitment process to the end, even after the offer is made. Candidates need to be kept engaged right up until their start date. PROVIDE FLEXIBILITY AROUND NON-SALARY INCENTIVES Flexible working hours are desirable although not essential in all cases.
  32. 32. THAMES VALLEY Executive Job title Salary range Daily rate 2012 2013 2012 2013 Financial Controller £55,000-£75,000 £50,000-£70,000 £400-£500 £400-£550 Head of Finance £70,000-£80,000 £70,000-£90,000 £400-£500 £400-£550 Finance Director £75,000-£105,000 £70,000-£100,000 £500-£700 £550-£800 Chief Financial Officer £100,000-£250,000 £100,000-£250,000 £750-£1000 £800-£1100 Spotlight on salaries and bonuses Over the last year salaries in the Thames Valley have remained stable at the top end of the market. However, a large number of blue-chip organisations have been paying salaries that are competitive with London rates, to ensure they can recruit the very best talent. A prime example is the London-style bonus culture developing in the world of finance. It is expected that salaries will remain consistent in 2013, with the exception of roles with particularly strong technical accounting skills. These candidates can expect to see a small increase due to the lack of dedicated skills at the top end of the market. THAMES VALLEY A large number of blue-chip organisations have been paying salaries that are competitive with London rates, to ensure they can still recruit the very best talent
  33. 33. Jonathan Rose Associate Director THAMES VALLEY Part Qualified & Qualified +44 118 900 1803 thamesvalley.uk@markssattin.com
  34. 34. PART QUALIFIED & QUALIFIED Market Insight The big trends of 2012 Companies were focused on getting the right hire so recruitment processes took even longer than they did in 2011. Employers wanted individuals who ticked every box before making that offer, and as such businesses who couldn’t find the ideal candidate for a permanent role instead sourced suitable temporary candidates for an interim solution. Outlook for 2013 THAMES VALLEY Employers wanted individuals who ticked every box before making that offer, and as such businesses who couldn’t find the ideal candidate for a permanent role instead sourced suitable temporary candidates for an interim solution We expect to see a greater shift towards a better worklife balance for employees in the Thames Valley, with companies starting to appreciate the value this approach can have on their businesses. This flexibility could be in the form of working from home, flexible working practices, or reduced working hours to suit the workforce needs. Reactions to uncertain market conditions In the past 12 months employers have been slightly cautious about fully committing to recruitment plans, with a variety of roles being put on hold or supported by internal cover. However, key hires have continued to take priority and we expect this trend to continue in 2013. We expect to see a greater shift towards a better work-life balance for employees in the Thames Valley, with companies starting to appreciate the value this flexible approach can have on their businesses
  35. 35. THAMES VALLEY Skills in demand There has been a marked growth of around 15-20% in the demand for financial planning and analysis roles at the part qualified and qualified level. For these roles some businesses are prepared to pay a premium as accurate reporting, budgeting and forecasting allows them to more effectively plan and manage their sales pipeline. We expect this trend to continue in 2013. Supply and demand There has been a notable shortage in the supply of candidates for highly technical accounting roles, for example positions where IFRS and US GAAP skills are essential. These skills are very niche and employers are carefully holding on to the best talent in the area. Despite salaries for these roles being above market rates, we don’t envisage this shortage easing in 2013. There has been a marked growth of around 15-20% in the demand for financial planning and analysis roles at the part qualified and qualified level Taking the next step in your career CONSIDER YOUR ASPIRATIONS Think clearly about what you’re looking for from your career over the next five to 10 years, and match up these aspirations with suitable roles and employers where possible. BE PREPARED If you get an interview make sure you do plenty of research about your prospective employer and consider key questions you’d like answering. USE EVERYTHING YOU CAN Use all resources available to you in terms of information gathering and building your network. THAMES VALLEY There has been a notable shortage in the supply of candidates for highly technical accounting roles, for example positions where IFRS and US GAAP skills are essential
  36. 36. PART QUALIFIED & QUALIFIED Market Insight Why candidates are making a move With salaries generally remaining static across the market, candidates are seeking roles that offer strong career prospects. If candidates feel like they are hitting a brick wall and can no longer see a future with their job, they will look to move on. Sometimes it’s not the role that makes an individual want to start job hunting, but a disconnection with the employer. Differences in personality can have a huge impact on an individual’s work experience, so it is essential you get your employer brand right to attract the right talent. With economic pressures still looming over many businesses, professionals are becoming more aware of the struggles facing their firms. Any uncertainty can push employees to look elsewhere before the threat of redundancy or the company going under becomes more apparent. THAMES VALLEY Attracting top talent MAKE YOUR SELL ATTRACTIVE The message you send out to candidates needs to be exciting to make them want to work for you. Creating a candidate information pack is an ideal way to clearly present this information. With salaries generally remaining static across the market, candidates are seeking roles that offer strong career prospects. REACT QUICKLY WHEN YOU LIKE SOMEONE The best candidates are in short supply and are still getting multiple offers so don’t delay. BE CLEAR ON THE FUTURE Carefully consider what the future career prospects would be for someone coming into a role you are recruiting and communicate this at the interview stage.
  37. 37. ACKNOWLEDGEMENTS We would like to extend our appreciation to all those who completed this survey and made this market report possible. If you didn’t participate, please do so next year so we can continue to develop the depth and quality of this report and provide you with a fair and balanced picture. This report is only ever intended to give a very general overview on the changing nature and complexity of the employment market for accountancy, finance and advisory professionals and can serve as a useful guide. However, if you require a more tailored and confidential discussion on how this will affect your business, finance department or indeed your own career, please do not hesitate to get in touch. Alex Voskou Alicja Skrakowski Editor and Marketing: Kirsty Assistant Editor: Promotion: Your future in finance and accountancy Kelly gaapweb.com DISCLAIMER This research was carried out by means of an electronic questionnaire and supplemented with data and market information that Marks Sattin has access to. The results are provided as generic market information only. Marks Sattin does not make any warranties regarding the use, validity, accuracy or reliability of the results and information obtained. Marks Sattin will not be liable for any damages of any kind arising out of or relating to use of this information. Commercial use and distribution of the contents of this document is not allowed without express and prior written consent of the author.
  38. 38. markssattin.co.uk Marks Sattin @MarksSattin

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