2020 is a year that stands alone. It is not a full recession, and cannot be directly compared to one. When new money is continuously printed and the market conditions sit on a knife-edge, calculating and predicting the next quarter is a much more difficult task.
Creating financial models, analysing data and planning ahead has all become more complicated and requires skilled individuals in the industry. Demand, therefore, has increased, and those that have upskilled during the pandemic should be prepared for a whole new world of opportunities.
So how does this reflect on salaries?
Across the market in our research, so far, not much has changed unless you live in the North West or West Midlands.
The UK average sees 1.3% uplift on 2020 for all accountancy & finance roles listed. Within that, we see spikes for Credit Control Managers in the East Midlands of 7.3% and 8.7% in the West. Staying in the West Midlands, Purchase and Sales Ledger Clerks see 9.2% increases in pay. The larger dips that bring down the UK averages remain in Ireland, with almost -2% across the board and some as low as -7.6% in Northern Ireland.
We've previously spoken of the North-South divide in cost of living and pay rate where a trend to move out of the city yet still be able to commute with high-speed links such as HS2 was becoming viable and actionable options. In our current research, salaries are still in favour of the northern regions of London and the South East.
Financial professionals in the North West can expect an average 6.5% increase in salary pay from 2020 figures. Where London has cut salaries by up to 1.9%, and the South East barely maintains a 0.2% rise in pay, overall the West (midlands and northern) have seen up to 9.2% increases.
The desire for flexible working and remote living is a recent catalyst for change and adaptation for businesses. In order to be able to offer appropriate benefits to new workers, company policies may need to change and the financial implications for new benefits structures need to be analysed.
The current market may mean, for many, reduced bonuses, but an opportunity for greater performance-based rewards for recovering through 2021. Also, demand for these jobs roles should see an increase as complicated numbers in the form of new ways of working and being rewarded financially need constant work to improve and attract new workers.
Top jobs for 2021 by pay increase