Salary Survey Update by Regional Director, Aaron Pepperday

The trends have changed, but the landscape remains challenging — albeit in a positive way. We may well be in the midst of a perfect hiring storm.

​It feels like the market has come a long way in a relatively short space of time, with the challenges of 2022/23 behind us and a more ‘rational’ outlook across the market, it certainly bodes well for businesses and candidates to find exactly what they need throughout the ever-changing South Yorkshire region.

The drive across the market throughout 2022/23, which resulted in increases to packages on offer to attract high-level candidates has remained. With the most noticeable impact being entry level and graduate hires, who saw substantial boosts in packages from newly AAT qualified candidates to ACA/ACCA studiers, as clients invest in future succession planning across all sectors, especially professional practice.

On the contrary, flexible and remote working opportunities have dwindled, drastically so in certain sectors. This major talking point is due to businesses urging or even insisting employees return to the office. Consequently, this has induced a certain degree of uncertainty among employers and has spurred the passive candidate market into a more active one.

The demand for ACA and ACCA qualified candidates with technical accountancy training remains high, driven by the technical requirements within finance functions. In response, a wave of technically proficient accountants equipped with commercial mindsets are emerging in the market, bridging the skills gap. The challenge of the market is not only in the shortage of technical abilities but also the growing need for commercial support in Financial Planning & Analysis, and Finance Business Partnering.

"The demand for ACA and ACCA qualified candidates with technical accountancy training remains high."

Businesses today are actively seeking candidates that possess a commercial mindset, capable of extracting and interpreting raw data, performing market trends and cost analysis, and communicating their findings effectively to senior management. This is particularly relevant with the integration of Power BI. They also appreciate candidates with a desire for involvement in key projects like M&A activity, growth, and investment which offer stimulating experiences.

Contrastingly, while the market for qualified candidates is becoming more stable, transactional market conditions are still fluctuating. Salaries are beginning to plateau; however, discrepancies still exist across sectors and sizes of businesses. Interestingly, SMEs defy this trend by continuing to boost salaries, an indication of the valuable contributions these candidates can bring to a business.

At the senior end, the market continues to show strength, offering a diverse range of packages. The broad opportunities this market represents signifies its health, even though the volume seen in 2022 is yet to be matched.

Overall, the outlook is certainly positive. With the prospect of a period of significant political change over the next 12 months aligned with what has already been described as a soft landing by experts across the UK economy, we should see further growth across the candidate and client pool. As confidence continues to flourish throughout the region and the expectation for it to carry into early 2025, we expect packages will continue to rise but at a slower rate with more emphasis around salaries and less emphasis across flexibility and remote working, ensuring that the market remains buoyant between now and Q3 of 2025.

Aaron Pepperday is Regional Director at Sharp Consultancy and focuses upon the recruitment of senior finance and accountancy professionals across the South Yorkshire region; contact Aaron on 0114 261 1700 or aaronp@sharpconsultancy.com.