Jul 8, 2024
General
General News
CFO Network

Finance Salaries – Effective Benchmarking to get the right balance of investment

Jul 8, 2024
General News
General

Finance Salaries – Effective Benchmarking to get the right balance of investment

What is the REAL WAGE INFLATION for finance departments?

Salaries in the UK went up by 6.4% over the past year. Does this mean that FDs are faced with a simple choice of two options:

A. No salary increases - Save some costs but risk losing people.
B. Raise salaries in the team by 6.9% - Increase costs but optimise retention.

As with most important questions, the correct answer is never as simple as picking A or B. Different job disciplines have seen different levels of inflation, as have different job levels. 6% is just an average of all jobs across the country after all.

We have invested in some of the industry-leading salary benchmarking software. When we combine this with our vast database of job and candidate data, we can look at some of the more granular details behind the headline figure. I have analysed salaries across Yorkshire and the East Midlands below:

Although the search I have done for this article is fairly rudimentary, it shows how important it is to look at the detail below the headline. A little more work can be a big step forward towards getting the right balance of investment into your finance department payroll.

We recommend that every employer looks to refresh and sense check their salaries and rewards annually and before any recruitment campaign. We offer this service to every one of our clients across every discipline and from entry-level to the C-suite. We can use details that are more specific than the searches above to compare pay against a comparable cohort of employers. The results can be a major influence to an overall recruitment and retention strategy.

Please contact me if we can support you in any way to ensure your payroll is benchmarked against the competition and the current market

Amanda O’Neill

Mobile – 07874 855669

Email: amanda@pratappartnership.com

Nik Pratap
Lorraine Pratap
Elise Walsh
Gillian McBride
Nicola Worrow
Amanda O’Neill
Karen Caswell
Dale Spink
Stacey Rhodes
Charlotte Morgan-Smith
Jess Lister
Alex Mostyn-Jones
Alex Mostyn-Jones
Claire Screeton
Claire Screeton
Euan Begbie
Euan Begbie
Marie Carroll
Marie Carroll
Lucy Miles
Nicola Beach
Leighton Thomas

Other articles