Numbers stack up for UK accountants as bonus and pay grow

Numbers stack up for UK accountants as bonus and pay grow

More than three quarters (76%) of accountants expect to see their salaries increase even more over the next 12 months

UK ACCOUNTANTS are set to share in the fruits of a bumper £1.2bn bonus pot this year – up £100m on 2013/14, research from accountancy and finance recruiter Marks Sattin reveals.

The average bonus now stands at £10,733, some 16% of the average annual salary. The boon has been put down to the improving economy, and the need to provide stronger packages in order to attract and retain top talent. More accountants received a bonus this year, with the proportion awarded one leaping from 53% to 61%.

Accountants’ basic salaries also  increased over the last 12 months by 0.4%, taking the average to £67,083 from £66,795. Over three quarters (76%) of accountants expect to see their salaries increase even more over the next 12 months.

Dave Way, managing director of Marks Sattin, said: “HR departments are acutely aware that as corporate performance ramps up demand for accountancy professionals is only going to increase, and bonuses are an extremely useful tool for attracting talent.

“Bonuses also give paymasters greater flexibility than salary increases, which is important in an era in which it is increasingly difficult to peer into the economic crystal ball. While times are good now, who knows how industry and commerce will be performing two years down the line. By focusing on the bonus element, organisations are able to reward stellar performance without risking future strain on the payroll.”

Accountants reported feeling secure in their jobs with 27% identifying themselves as feeling ‘very secure’ in their current role, and 61% feeling ‘generally secure’. Nearly a third (32%) said that they will actively seek a new role.

In order to move jobs, a typical accountant would look for a salary premium equivalent to 15% of their basic package – or £10,062, the survey found. But money is not sole motivator with 32% saying they left their previous roles to enhance their career development, compared to 30% pursuing a bigger package.

 

 

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

2y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

2y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

2y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

2y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource