Finance staff want more, says report

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Finance and accounting professionals want more than financial incentives, reveals Robert Half’s (www.roberthalf.co.uk) latest 2024 Salary Guide (www.roberthalf.com/gb/en/insights/salary-guide), as the access to skilled staff continues to challenge businesses.

Of those surveyed, almost half (47%) of finance and accounting managers say they are planning to increase headcount in 2024, but are aware that amidst the skills shortage they will need to offer more than just financial incentives, instead opting for additional benefits, with a working from home allowance topping the list of demands.  This is followed by flexible benefits programmes, fuel allowance, meal vouchers and dental insurance driven by the ongoing cost of living crisis.

“The labour market is set to remain tight as we head into the New Year and with hiring intentions for finance and accounting professionals still high, we expect to see competition for talent to intensify through the first half of 2024 at least.  While our data shows that pay inflation has increased across the remit, we are also seeing a rise in demand for more than financial incentives alone to move roles,” says Hannah Szymanski, Market Director Finance & Accounting, Robert Half.

“For employers that are unable to continue with salary increases at current rates, this is good news, but it presents a new challenge in identifying what more potential candidates want.  As our research shows, people are still looking for benefits that will help them navigate the tough environment that we all find ourselves in.  Those able to offer such perks will find they have greater access to top skills in the coming months particularly at a time when our latest Jobs Confidence Index shows that UK workers remain confident in their career prospects as we head into 2024.  Employees recognize their increasing value in a skills short labour market and are more likely to jump ship should they be presented with better opportunities.”

With the war on talent continuing, 75% of business leaders say they are concerned about their ability to both attract skilled talent and retain valued employees in 2024.  Robert Half’s research found that 75% of tech hiring managers report being confident in their companies’ 2024 growth prospects, 50% plan to add new positions for permanent full-time employees, and 35% will bring more temporary talent on board to aid with growth plans.  Experts in cloud, cyber security, full stack development and ERP implementation are expected to be most sought-after, with financial services, fintech and e-commerce among the biggest sectors recruiting for tech professionals.