2. CONTENTS.
CHIEF OPERATIONS OFFICER’S LETTER 2 ADVISORY SERVICES 21
CORPORATE FINANCE & RECOVERY 23
TAXATION 24
COMMERCE & INDUSTRY 3
HIRING MARKET UPDATE 4
PUBLIC SECTOR 25
ACCOUNTING & FINANCE – PERMANENT:
HIRING MARKET UPDATE 26
LARGE COMPANIES 5
PUBLIC SECTOR 27
SMEs 7
ACCOUNTING & FINANCE – TEMPORARY:
BUSINESS SUPPORT 30
LARGE COMPANIES 9
HIRING MARKET UPDATE 31
SMEs 11
OFFICE SUPPORT 32
SHARED SERVICES 14
SALES & MARKETING 35
INTERNAL AUDIT 15
HUMAN RESOURCES 36
TAXATION 16
UNDERSTANDING THIS GUIDE 37
PROFESSIONAL SERVICES 18
HIRING MARKET UPDATE 19 TALK TO US 38
AUDIT & INSURANCE 20
3. Confidence has returned to the professional
services jobs market and there has been
CHIEF increased hiring activity across all disciplines.
There has been a lift in demand for qualified
OPERATIONS ACAs and CTAs for audit and tax roles
respectively, and compliance and advisory
services are also tipped as key growth areas.
OFFICER’S Welcome to
Morgan McKinley’s Hiring trends vary within the public sector. Not-
UK Salary Guide 2011: for-profit companies have been resilient and
LETTER. Accounting, Finance
& Support
there have been limited cutbacks within the
larger housing associations. Government, NHS
and education have, unfortunately, been the
This report provides insight into current salary and hardest hit due to general cost cutting, mergers
hiring trends for accounting, finance and support and cessation of funding streams.
professionals working in commerce and industry
(C&I), professional services and the public sector. Increased demand for support services
professionals is often a good indicator of
These are clearly diverse markets but overall, the economic recovery. It is therefore heartening
recruitment outlook is much more positive than at that we forecast hiring activity in this space to
the same time last year. Our market knowledge, rise by 10-15% in 2011. These roles are
and anecdotal evidence from our clients, points to becoming more diverse and support staff are
10-20% growth in hiring activity across the board in now often called upon to assist with value-
2011. Although this is a pleasing forecast, hiring adding marketing or HR projects.
levels are still relatively suppressed when
compared to pre-recession data. This year should also see a continued rise in
temporary and interim hiring. More and more
The C&I, professional services and public sector companies are hiring contractors to undertake
recruitment markets felt the effects of the global specific projects, provide extra resources during
financial crisis in H2 2009, around 12 months after busy periods or maintain a flexible workforce
the financial services sector. It is a similar scenario during times of uncertainty. The perception is
with market recovery; while last year saw a that contractors can ‘hit the ground running’ and
rebound for financial services, it is predicted that produce rapid, strategically-enhanced results.
2011 will be the year of measured growth for C&I,
professional services and the public sector. We hope you find this salary guide informative.
If you have any questions or feedback, please
Recent statistics published in Accountancy state feel free to contact me or any of my colleagues
that 58% of FTSE 100 companies are now led by here at Morgan McKinley.
an accountant or finance specialist. This year will
see significant emphasis on finance professionals Chris Leeson
at all levels, as companies work to meet top line Chief Operations Officer
sales targets while protecting their bottom lines. Accounting, Finance & Support
Commercially-minded finance professionals with United Kingdom
skill sets that concentrate on analysis and financial T: +44 (0)20 7092 0078
integrity will be in high demand. E: cleeson@morganmckinley.co.uk
2
5. COMMERCE & INDUSTRY.
HIRING MARKET UPDATE
LONDON HOME COUNTIES BRISTOL, CHELTENHAM
LEAMINGTON SPA & MIDLANDS
There was a significant rise in accounting The Home Counties hiring market was
and finance hiring activity in London changeable moving into 2011. Despite 2010 proved to be as challenging a year
during H2 2010, particularly within the the Government’s planned spending as 2009 with companies still cautious to
retail, leisure and FMCG sectors. cuts, there was clear evidence that hire, particularly at the permanent
Professionals with commercial decision headcount expansion plans were still on qualified level. In the same vein,
support experience were particularly the agenda for many businesses. As a candidate supply continued to be short
sought after within these markets. Job local finance recruiter, we saw more as most professionals ‘sat tight’ in their
vacancies at the part/newly qualified emphasis placed on finance roles that permanent roles. In Q1 2011, there was
level continued to rise as companies support strategic growth and renewed confidence in the market across
implemented more cautious recruitment development of businesses. the South-West and through to the
strategies and generally opted to fill Midlands. The finance jobs market has
A large number of companies have been
senior vacancies internally. begun to recover at a steady pace in
seeking professionals with skill sets that
terms of both the amount of recruitment
The outlook for 2011 is cautiously concentrate on analysis and financial
that is taking place and also the
optimistic. In fact, there was a 20% integrity. The market is still highly
availability of accounting and finance
increase in senior accounting and competitive and professionals need to
professionals.
finance hiring in Q1 2011 compared to have a commercial focus and be willing
Q4 2010, with new job vacancies to support the flow of financial In particular, demand for part-qualified
spanning group, financial accounting and information to the whole business. and qualified accountants for interim
commercial finance. It is anticipated that Although recruitment budgets remain roles is firmly on the rise. Salary levels
there will be increased movement in the quite tight, more movement is expected were stagnant in 2010 but have started
market in the coming quarters as during 2011, especially by those to increase again in 2011.
professionals who had put their job professionals who were dissatisfied with Tara Heath-Arnold
searches on hold during the economic their 2010/11 bonus payouts. +44 (0)117 944 0600
turmoil of 2008/09 start to explore new Stuart Duncan theath-arnold@morganmckinley.co.uk
career opportunities. +44 (0)175 320 1457
Tracy Sinclair sduncan@morganmckinley.co.uk
+44 (0)207 092 0080
tsinclair@morganmckinley.co.uk
4
20. PROFESSIONAL SERVICES.
HIRING MARKET UPDATE
MARKET SUMMARY This trend extends beyond the Big Four SALARY & COMPENSATION TRENDS
and into the mid-tier market. Additionally,
The first quarter of 2011 saw confidence On the whole, salaries remained static in
Q1 2011 saw hiring levels increase
in the UK professional services jobs Q1 2011, except in highly sought after
across advisory positions within the
market increase significantly. This was areas. As the supply of talent tightens
financial services sector and a strong
largely due to the steady recovery of the further, salaries could increase slightly
comeback in the corporate finance
economy plus a general rise in demand across the board. Evidence of this has
market.
for qualified accountants with specialist already been seen in firms more willing
skill sets. to consider paying a premium for fee
TALENT SUPPLY
earners as they will in turn become a
Professional services firms are predicting
While hiring demand within professional profit centre.
steady growth for 2011 and anecdotal
services significantly increased in Q1
evidence suggests that compliance and Where salary increases have not been
2011, the availability of talent has
advisory services will be key areas. possible, a number of firms have
predictably tightened across all
Recruitment is high on the agenda for implemented additional company
disciplines. Qualified accountants with
many firms and ensuring the right people benefits such as flexible schemes and
track records of clear progression within
are brought on board is essential, holiday allowances.
a specialist area and strong
particularly in specialist and niche areas. Alex Lawrie
communications skills are starting to see
+44 (0)207 092 0023
multiple offers on the table.
HIRING TRENDS alawrie@morganmckinley.co.uk
Many companies have started to give
There has been increased hiring activity
additional incentives to retain key staff.
across all disciplines within the
Those professionals who are pursuing
professional services sector. For
career moves are starting to receive
example, the rise in demand for newly
significant uplifts in salary, something
qualified ACAs and CTAs for audit and
that has not been commonly seen in the
tax roles respectively has continued in
past two years.
2011. There has also been an increased
number of vacancies in specialisms such
as VAT and transfer pricing in the tax
market, as well as not-for-profit and
corporate finance roles in the audit and
advisory markets. 19
27. PUBLIC SECTOR.
HIRING MARKET UPDATE
MARKET SUMMARY associations, there has been a push to SALARY & COMPENSATION TRENDS
focus on permanent rather than contract
The last couple of years have seen some In 2009/11 salaries across the board
hires to increase team stability. There
dramatic changes in the public sector generally remained stable, with any small
have been moves towards business
with the ‘job for life’ mentality becoming a increases in line or just below increases
partnering within finance teams, with
thing of the past. However there are in inflation. Some of the biggest salary
customer service recognised as an
definitely some rays of light coming reductions were for interim and
essential part of job descriptions.
through in certain areas. The not-for- temporary rates for top level consultants,
Finance professionals now have to
profit sector has been the most resilient particularly for those specialising in
ensure they promote their ‘softer’ skills in
recently with charities (especially those Government and NHS due to an
addition to their technical knowledge.
with large retail and fundraising sections, oversupply of candidates. There are
Employers are interested in job seekers
and INGOs) seeing growth. Many however still professionals with specific
with commercial and /or practice
charities that are dependent on industry knowledge and skills who are
backgrounds, although those with a
Government funding have experienced able to command top rates.
combination of private and public sector
cuts, which are unfortunately set to
experience are most highly sought after. With recruitment across most sectors
continue in 2011.
picking up in Q4 2010 and Q1 2011, not-
Larger housing associations have fared TALENT SUPPLY for-profit organisations in particular have
well, with limited cutbacks and in some started the process of reviewing salaries
In 2009/10 there was a marked increase
cases, plans for expansion. There has to remain in line with other sectors to
in the number of professionals from the
been a more significant effect on smaller attract top talent. Many organisations
commercial and financial sectors
associations, and mergers or transferring that are unable to increase basic salaries
considering roles in the public sector,
housing stock to larger associations is a are investigating other innovative
with many accepting lower salaries in a
possibility. Government, NHS and methods of talent attraction and retention
trade off for higher job security. Now,
education have been the hardest hit such as improved benefits, and in some
with government cuts and higher
areas, with cost cutting, mergers, cases, bonus schemes.
recruitment levels in commerce and
efficiency savings and funding cuts
financial services, this trend is being Matt Adams
leading to recruitment cutbacks.
reversed. As public sector organisations +44 (0)207 092 0011
find it harder to attract suitable madams@morganmckinley.co.uk
HIRING TRENDS
candidates, they are often having to be
Where confidence has increased, in flexible in terms of pay or benefits.
particular within charities and housing 26
32. BUSINESS SUPPORT.
HIRING MARKET UPDATE
LONDON Agency Worker Regulations (AWR) is a Stuart Duncan
hot topic in the industry right now. The +44 (0)175 320 1457
Business support employment trends are sduncan@morganmckinley.co.uk
new rules (effective October 2011) will
set to remain steady in the next 12
change the way contract workers are
months, if a little cautious, as the BRISTOL, CHELTENHAM &
employed and will impact contractors,
economy continues to recover. HR SOUTH WEST
agencies and operatives, including those
departments were less affected by the
working under umbrella schemes. There were significant improvements in
downturn than administration and
operations, so the noticeable increase in the business support hiring market in Q1
Danielle Loader 2011. The temporary jobs market in
roles in the past six months have been
+44 (0)207 092 0042 particular has held up well with over 55%
within secretarial, administration, dloader@morganmckinley.co.uk
support, sales and marketing. New of Bristol job opportunities listed as
positions are being created at PA, EA longer-term temporary or contract roles.
HOME COUNTIES
and office manager levels due to There has been continued demand for
During 2010 the Home Counties
increases in business and workloads, customer services staff, receptionists
experienced a positive change to the
although salaries are stable. and administrators. HR, sales and
recruitment landscape for business
Sectors that are forecasting increased marketing are also recruitment hotspots
support roles. Whilst the traditional
recruitment activity include IT, as hiring in these areas was relatively
markets of secretarial and PA
manufacturing and telecoms. Within the subdued in 2010. Permanent hiring has
recruitment remained strong there was
public sector, charities and membership also increased in 2011 compared to
also an increase in demand for
bodies are looking stronger, whilst 2010 but not quite at the same rate as
professionals across other areas such as
Government, education and the NHS are the temporary hiring market. From a
sales, marketing and HR.
still facing challenges. sector perspective there has recently
Companies have maintained this focus been notable hiring activity for legal and
Whilst there is demand for high calibre on hiring into 2011 and throughout the professional services roles.
business support professionals, some remainder of this year economic
companies are erring on the side of indicators suggest that companies will Tara Heath-Arnold
caution with a greater focus on contract look to further strengthen their business +44 (0)117 944 0600
and temp-to-perm positions. support functions. theath-arnold@morganmckinley.co.uk
31
39. WE ARE MORGAN McKINLEY.
TALK TO US.
The world’s leading
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local businesses must be
doing something right. We
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