Posted on 13/07/2023 by Luke Scale
Recent figures published by the Office for National Statistics states that regular pay in the UK grew by 7.3% over the three-month period between March and May 2023, equalling the highest growth rate. Despite this, regular pay fell in real terms against inflation by 1.4% due to the continuing high rate of inflation, currently at 8.7%.
Addington Ball has recently conducted its own market research into the main motivations of finding new roles and what salaries have been acquired by making those moves, and our statistics make for interesting reading.
We have engaged with over two hundred professionals from within the accountancy & finance professions who have moved jobs to a new employer in the last 18 months from January 2022. The average salary increase has been a staggering 22.67%.
So, the message is a stark one. If you want a pay rise over and above the headline rate of inflation and thus giving you an increase in salary in real terms, then moving employer is the realistic option.
However, there are dangers lurking if salary increases are taken in isolation. When asked about the reasons for leaving their respective employer, the responses were remarkably evenly split between a salary increase (30%), a better culture (31%) and progression (30%). This is good news in a way for employers, as offering above market rate salaries is not the be all and end all. Having a comprehensive employee value proposition and a robust employee engagement philosophy, will hopefully ensure that you can attract and retain high calibre individuals.
As business leaders or hiring managers, please feel free to contact us to discuss the importance and structure of an employee value proposition or any of the data collected in our survey.
For jobseekers, often the best time to look at other opportunities is when you do not have to as there is zero pressure on you to have to decide unless you are 100% certain it’s right for you.
In what is already a candidate driven market and with the ‘real’ salaries still shrinking against inflation, there has certainly been no better time to explore your potential next career opportunities.
Addington Ball is a leading finance recruiter based in the West Midlands, specialising in the recruitment of finance and accountancy professionals. We have an established and highly developed network of clients operating in the Midlands region so if you are not getting that all-encompassing employee value proposition, then call Addington Ball on 01926 290290 for a confidential conversation about your potential next career step.