Finance staff pay rises at 4.7%
Finance staff saw their basic pay rise by an average of 4.7% over the past year, according to CELRE's 2008-09 Financial Staff Salary Survey.
The report, published today, is based on data from 89 companies and 7.039 individuals, and is the 34th in an annual series of surveys on finance staff pay published by CELRE.
Email CELRE or call 0845 671 1110 to subscribe to this year's survey report and to find out more about how to participate in 2009. Please mention Ref CW01 when you call.
The report shows that while finance staff basic pay rose by an average of 4.7% over the 12 months to 1 September 2008, total earnings including both basic pay and bonuses rose by just 4.3%.
This figure is up on 2007, when total earnings rose by 4.0%, but is some way behind the 5.0% rise in inflation measured by the Retail Price Index over the same period, meaning that many finance staff saw the real value of their pay packet fall.
The report shows that finance directors now have an average basic salary of £142,105, rising to £188,599 when bonuses are included.
Basic pay plus bonus for employees at other levels within the finance function include:
• £93,217 for a function head;
• £71,499 for a department manager;
• £38,164 for a senior accountant;
• £28,470 for an accountant; and
• £16,934 for a clerical employee.
The survey found that some of the largest increases in salary over the past 12 months went to those working in purchasing/procurement (7.2%) treasury management (6.2%). Those involved in compliance (2.9%) and cost accounting (3.3%) fared worst.
Although this year's report is too early to have picked up the effects of the economic downturn (data covered the year to 1 September 2008), there are indications of a slowdown:
• the resignation rate among finance staff is down from 5.9% in 2007 to 3.9% in 2008;
• the number of employers reporting recruitment problems in finance has fallen from 75.0% to 70.8%; and
• employers are forecasting a median pay increase at their next review of just 3.5% for finance staff.
The survey also covers employee benefits. It found that the median value of the benefits package (including pensions, car allowances and annual leave above the statutory minimum plus bank holidays) was 25.5% of salary for finance managers, 19.8% for professionals and 17.4% for clerical staff.
The published report includes pay tables for 10 job levels and 20 job functions. Data are broken down further by industry, sales turnover, geographical region, qualification, and number of employees in the organisation.
Find out more about the CELRE Salary Survey of Financial Staff 2008/09.
Email CELRE or call 0845 671 1110 to subscribe to this year's survey report and to find out more about how to participate in 2009. Please mention Ref CW01 when you call.
