Recent research conducted by Reed has uncovered new insights into the state of the accountancy and finance sector, revealing a 4.2% increase in salaries over the past year. While this growth is slightly lower than the 4.7% increase observed in 2022, it serves as a testament to the industry’s resilience in the midst of economic adversities.
An analysis of six million job postings on Reed.co.uk has unveiled the consistent upward trajectory of salaries in the accountancy and finance sector. A comparison with other industries indicates that the hospitality sector experienced the most significant pay rise at 7.3%, whereas the IT and cyber security sector saw the lowest increase at 2.4% in 2023.
According to Alan Myers, an Accountancy Expert at Reed, the industry has responded to talent shortages and rapid technological advancements, accelerated by the pandemic. This has led to increased reliance on digital tools, remote work, and a heightened significance of financial advisory services, impacting both employers and professionals.
Myers has underscored the necessity for strategic planning and adaptability among employers in navigating the current labour market. Continuous learning and upskilling in areas such as data analytics, automation, and sustainability reporting are essential for remaining competitive.
Regional analysis of the data has revealed that areas like Wales and the North West experienced the most significant wage growth, while the South East and the West Midlands saw the least amount of growth. Douglas Turkington, a regional director at Reed, has highlighted the North West’s shift towards technology and digitalisation in the finance sector, making it an attractive option for skilled professionals.
In the South East, Grant Rigler, an executive regional director at Reed, emphasized the impact of technology on finance teams and the need for companies to offer competitive salaries, work-life balance, professional development opportunities, and a supportive company culture to attract and retain talent.
The report from Reed also sheds light on the ongoing discourse surrounding salaries in the current employment market. With cost-of-living challenges, professionals are increasingly seeking higher-paid roles, while businesses are assessing their ability to attract top talent.
Additionally, the data revealed disparities in attitudes towards salary between men and women, with over half of workers expressing satisfaction with their pay. However, a substantial portion of professionals feel that their salaries have not kept up with the rising cost of living, leading to financial pressures.
The insights from Reed’s salary guide offer a comprehensive overview of the accountancy and finance sector’s current state, illuminating the trends and challenges faced by professionals and businesses. As the industry continues to evolve, strategic planning, adaptation, and a focus on talent retention will be pivotal in driving future growth and stability.
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