Written by Kimberley Startup | March 19, 2013
It would be a mistake to think that if the markets are difficult then you don’t need to pay competitively. In fact, the competition among companies for star performers has never been more intense.
Organisations are competing with each other for talented employees, and recruiters are fighting to fill positions. But a key component in the battle for workforce retention is paying your staff what they’re worth.
Yet setting salaries for staff is always a tricky thing to do. After all, you never want to pay more than the job is worth to you, the employer. That’s just good business. So, how much, exactly, should you be paying?
webrecruit’s latest study looked into the average salaries for a variety of finance and accounting professions over the last 6 months to help deem what would be appropriate pay for particular roles.
Our salary checker aims to help employers find the average UK salary for their finance and accounting roles in order evaluate how much you should be paying.
So if you’re looking to hire a finance or accounting professional, here is a quick summary of the study to help you determine the premium salary.
Whilst this is just a rough guideline, it’s worth bearing in mind when paying your employees, and particularly your top talent, as their expectations will be based on their past experiences and awareness of market rates. If you really want them working for you, you’ll have to be flexible.
Finally, realise you have the flexibility to expand your thinking beyond money. You may be able to offer a non financial rewards that draws people in such as flexible hours, more time off or training and professional development.
Here’s a quick summary to help you determine a premium salary for your finance recruitment strategy:
1. Set your upper salary limit by what a particular job is worth to you
2. Know the market to determine the least you’ll pay
3. Sometimes you can compliment salaries with incentives or services
If you’re looking to take on-board your next finance or accounting professional, you might find out free salary checker of use.
Access your copy here to find out how much, exactly, you should be paying.