The Robert Half 2018 Salary Guide gives parameters of some of the typical salaries for financial professionals – but remuneration also depends on key skills, which need to adapt to the Fourth Industrial Revolution (4IR) and automation. Digitalisation is changing the workforce and is also changing the needs of hiring CEOs and CFOs. The need to be able to understand, analyse, communicate and trouble-shoot digital processes and use new technologies means that data analytics and communication skills are more highly sought-after in candidates for financial positions. The Robert Half report highlights five of the most-desire skills for financial positions.
- 42% data analytics
- 40% communication skills
- 37% problem-solving skills
- 34% strategic vision
- 33% commercial and business acumen
Long-term investment in digital skills
In response to the need to adapt to the 4IR, 46 per cent of companies are planning to create new teams to address the challenge of digitalisation and 31 per cent of CFOs are hiring additional members of staff. Companies are also focusing on nurturing employee skills in the long-term, with renewed investment into training and acquiring new skills. In fact, 43 per cent of companies are investing in IT training, while two-thirds (64 per cent) are investing in employee's analytics skills. The report states: “This investment in employees is part of the long-term hiring plan to help implement digitisation and automation within the next 12 months. Half of CFOs surveyed said that they planned to make this their primary focus.”
The price is right
So for the right candidates, salaries within finance and accounting are set to increase over the next 12 months, but candidates with specialist skills or industry-specific experience are most likely to benefit. The 2018 Salary Guide says that CFO or group finance director salaries for 2018 will rise by up to 4 per cent compared to 2017. The average salary bracket for a CFO/group finance director in a large company this year is now £111,250-£165,000+, while those working in an SME are earning £86,550-£100,00+. In comparison, a finance director might earn £81,250-£132,000 (large company) or £65,000-£108,000 (SME). While a senior treasury analyst's remuneration could be £65,250-£87,500 (large company) or £51,500-£86,000 (SME).
Not just about money
But work satisfaction isn't just about money. The report makes it clear that job enjoyment and purpose, as well as other benefits, bonuses and flexibility all feature highly in an employee's overall feelings about their work. Some of the remuneration trends highlighted by the report include:
- 31 per cent of professionals would accept a lower salary to secure their ideal job;
- two-fifths of management-level employees receive additional pension contributions;
- 50 per cent of employees receive bonuses;
- a third of hiring managers aren't giving salary increases to permanent employees due to lack of financial resources;
- 27 per cent of businesses offer remote-working to management-level employees;
- a third of employees receive childcare vouchers; and
- 50 per cent of employees would leave their current job for a flexible benefits package in the same role elsewhere.
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