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  1. Things you need to know when negotiating your salary Carolyn Loton 12-Dec-2018
  2. Finance & Accounting Salary Review - 2018/19 Carolyn Loton 04-Dec-2018
  3. How to Network Effectively Sara Eriksson 28-Nov-2018
  4. Economic Outlook for 2019 from Shane Oliver Sara Eriksson 23-Nov-2018
  5. Win that Role – Tips for Successful Interviews Sara Eriksson 20-Nov-2018

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Moir Recruitment News


Things you need to know when negotiating your salary

Wednesday, December 12, 2018


December is generally considered to be the wind-down period of the working year. It's a time to reflect on achievements of the past 12 months and look forward to the Christmas break and year ahead.

It is also a time of the, often dreaded, annual performance review. This is a stressful time for many people who are hoping to receive a salary increase.

In this article, we will discuss when you should justifiably ask for a pay rise; the benefits of non-monetary rewards; and the ‘5 C’s’ for successful outcomes during tough salary negotiations.


Are you well placed for a pay rise?

Wage growth across Australia remains low at a rate of around 2.1% for the current year, a trend we are seeing across industries and sectors. Connected to this is a decrease in the frequency of pay increases and also in the number of people receiving a salary increase higher than 4%.

Considering the current climate in Australia, where wage increases are not coming close to the expensive cost of living, it’s a challenging time for employees, particularly if they feel that their current salary is considerably out of step with the remuneration they feel they deserve.

If you feel that your current salary does not match your contribution, it’s vital to consider your company’s culture and leadership. Most organisations that have a good culture and are well-led want to treat their employees fairly and pay them fairly.

As Stephen Moir puts it, “You don’t want to be focussed purely on the salary. You’ve got to have the right culture and inspiring leadership at the top of your priority list. Getting good remuneration will come from these factors. Business cultures where people are chasing the money will eventually implode as they lose sight of their purpose. This is what we have seen happen in the banking sector”.

If there are any red flags for you when it comes to these areas, you may consider alternative opportunities in other organisations BUT it’s important to not make any knee-jerk reactions here. The single most important thing to consider initially when seeking a salary increase is the value exchange between yourself and your employer.


A value exchange

Companies look after people who are good at their job and have the right attitude. Being good at your job offers security as your company will not want to lose you.

But what does ‘being good’ mean. According to Stephen Moir, a big part of it is putting your hand up to take on new responsibilities and having a positive attitude.

“Employers like people with a can-do, positive attitude, who approach their work with energy and passion. They are resilient when they come up against challenges and find solutions. If you can say you’re doing all these things, you’re perfectly justified in putting your hand up for a pay rise”.

Ultimately, if your company can see that you’re stepping up for new challenges, they will reward you for it. As Stephen continues, “It’s a value exchange at the end of the day. If you’re plodding along, doing the minimal and asking for a pay rise you’re looking at it the wrong way. You have to do your job well, go the extra yard and then you should expect your company to look after you”.


Taking a long-term view

Whilst wage growth remains flat, conversely, unemployment is down so there are lots of opportunities in the jobs market. If you have been with an organisation for a long time and have moved around internally, pay increases tend to be lower compared to those who have moved between companies. It may be tempting for people to make an external move in order to get a pay increase, however, it’s important to be wary of making too many external moves.

Says Stephen Moir, “Something we are increasingly seeing is junior to mid-level people getting other offers whilst in their current role, often with the chance of a large pay increase. It may be okay to do this every so often in your career but if it’s not wise to consistently move as potential employers will question your loyalty and motivations”.

As an employee you need to have a reasonably long-term view of your career path. To help build your case for more substantial salary increases as your role develops, it’s important to raise your profile internally and be visible as you take on new challenges. You then have a clear context within which to frame your request.


The 5 C's of requesting a pay rise

Have Confidence: If you are doing a good job, it’s important to back yourself. All too often, people question whether they are doing enough to warrant a pay rise. However, remember that it’s not about significantly over-performing in your role, it’s about doing what is expected of you and doing it well.

Show Courage: Starting a conversation with your boss about salary can be daunting but it’s vital to push yourself beyond the fear barrier. Do it in a positive, non-threatening way and definitely make the request face to face and with your direct boss, rather than someone from Human Resources.

Be Constructive: Planning and research is vital. Think about what you are doing that impacts the business in a positive way and have a list of specific achievements in mind. Leaving behind a one-pager as a summary is a great way to strengthen your case.

Be Clear: Keep in mind that your salary is ultimately a fair exchange of what you offer with what you receive. Don’t over complicate things, instead clearly and simply state your case. Using the word ‘fair’ in your summary can be compelling. And make sure you get your boss to agree on a clear response time, don’t let things drift once you have done the hard part.

Take Control: It’s important to remember that you are in the driving seat of your career. You need to control the conversation about salary and drive it. If you leave it to other people, you may end up frustrated and dissatisfied.  

When a pay rise is not possible

If the outcome is not as you hoped, don’t despair. Keep in mind the long-term goal and ask if you can set a time-frame for the next review, perhaps 6 months rather than a year, and the targets you need to meet in order to be successful. You need to be clear with your boss that you want to keep progressing in your career.

Sometimes good companies are just not able to offer you a meaningful pay rise, even if they would like to. In this situation, you may want to think outside the box about other things you could negotiate as ‘added-value’.

This could be a short-term bonus for completing a specific project within a time-frame; flexible working arrangements, where you negotiate an extra week of holiday or the opportunity to work shorter hours. You may even ask your boss if the company could cover the cost of educational courses or, for more senior employees, support you with additional time off to sit on a board. Consider what’s important to you and what would add to your feeling of satisfaction within your job.

If you’re doing well at your job and have taken a constructive approach in asking for an increase but are still not getting fairly remunerated, it’s perhaps then the time to consider other opportunities. The key here is to take your time, be considered and do your research when looking at any new opportunities. It’s important to be mindful that you’re moving towards a new opportunity, rather than running away from your current situation.

As Stephen Moir says, “If you’re making a move based on money alone, you’re making a bad decision. Remuneration should be the happy outcome of a good decision and, as we have said, great leadership and culture will hold you in good stead for a satisfying job and a fulfilling life”.


Sources: Australian Bureau of Statistics (ABS); Analysis of wage growth, Australian Government Treasury 2017


Curious about the going rates in your sector? Better understand your place in the jobs market with our 2018/19 salary snapshot. This covers annual salary packages for finance and accounting professionals as well as average hourly rates for contractors. 


Are you looking for a new role? Search jobs or speak to a consultant.


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Finance & Accounting Salary Review - 2018/19

Tuesday, December 04, 2018

Better understand your place in the jobs market with our 2018/19 salary snapshot. This covers annual salary packages for finance and accounting professionals as well as average hourly rates for contractors. We recommend that you aim for a salary in the top third of ranges shown in the graphs below.

Australian wage growth has been relatively slow in recent years at just 2.3% for 2018, but the financial sector has fared better than some. According to ABS figures finance and accounting wages have increased by 3.63% over the past 5 years.

In part, this wage growth has been driven by increasing demand for workers. "Over the past 18-months we've seen job seekers start to get 2 or 3 competing offers to consider," says Moir Group Director, Stephen Moir. "Competition for junior to mid-level accounting and finance professionals has been particularly strong and this is pushing up wages." 

Due to their challenging nature and specific skill requirements, we are also seeing a high demand for Senior Financial Accountants, Business Analysts and Finance Managers and, with that, a good scope for wage negotiation. In correlation with this high demand and opportunity, Business Analysts and Finance Managers are two of the roles with the highest employee turnover. 

In 2018 we have seen a rise in the demand for temporary/contract positions across all salary levels. In 2019 companies will continue to look for experienced people who can hit the ground running. Organisations are willing to pay fairly for a good level of expertise, but in return they expect temporary/contract staff to make an immediate impact on the business. 

Download the complete salary snapshot for 2018/2019 here. 

Bonuses

There is also an increasing trend for salary packages to include short-term and long-term incentives based on individual and company performance. For people in permanent roles, the size and 'achievability' of a bonus are important to consider as part of the overall salary package.

Accounting and finance professionals in mid-senior level roles should aim for a short-term incentive (STI) in the range of 10-40%. “If you do a good job, you should see it in your bonus,” believes Stephen Moir. Short term incentives tend to be based on individual performance, combined with the success of the company as a whole. Both factors need to have performed well in order to achieve the maximum STI.

People earning above $150,000 can earn short-term incentives between 10-40%. Those earning more than $250,000 are often part of a long-term incentive plan (LTI) and in some instances their STI can be higher than 40%. “When considering your salary package, it’s best to focus on the base package and the short-term incentive,” Stephen Moir says. “Long term incentives are nice to have, but sometimes they are not in the money.”

In 2018 we have seen forward-thinking and commercially-focussed accounting/finance roles become increasingly key to organisations. Therefore, to have part of the salary package at risk and based on agreed performance targets is going to become more common across all salary levels in 2019 and beyond.

More than money

When you're looking for a new role, avoid being focussed purely on salary. For most people inspiring leadership and a good company culture are equally, if not more, important in terms of job satisfaction and overall wellbeing.

In the past year Moir Group has seen a number of senior people moving roles for similar salary packages or less.“Once you get to a certain point in your career, the amount you earn is only one consideration amongst many important factors,” Stephen Moir says.

Organisations that are well-led generally want to pay people fairly. If that's not happening, then put your hand up and negotiate the salary you deserve or consider searching for a new job. If you are doing a good job and you are taking on new responsibilities, then most companies won't want to lose you. 


Negotiating the salary you deserve




Do you feel that the value you offer your company is out of step with your salary level? If so, you may be interested to learn about the best ways to negotiate salary during a review. In this article we discuss when you should justifiably ask for a pay rise; the benefits of non-monetary rewards; and go into detail about the ‘5 C’s’ for successful outcomes during tough salary negotiations.


Finance & accounting wages 2018/2019

These salary tables provide information about average wages for accounting and finance professionals. We suggest you should be aiming to sit in the top third of your salary band.


Average salary packages for finance and accounting professionals 2018/2019
Position Annual salary
Chief Financial Officer / Financial Director $250,000 +
Transformation Strategy / Project Manager $180,000 +
Head of Tax / Treasury
$180,000 $300,000
Head of Financial Planning & Analysis $180,000 $250,000
Head of Audit $180,000 $250,000 
Group Financial Controller $200,000 $300,000
Project Manager $150,000 $300,000
Business Analyst $90,000  $150,000
Shared Services Manager $160,000  -  $200,000
Procurement Manager $150,000  -  $250,000
Financial Planning & Analyst Manager $140,000  -  $220,000
Financial Controller / Financial Manager $140,000  -  $250,000
Tax / Treasury Manager $130,000  -  $200,000
Payroll Manager $90,000   -  $150,000
Audit / Risk / Compliance Manager $140,000  -  $200,000
Systems Accountant $80,000    -  $140,000
Management Accountant $80,000    -  $120,000
Financial Accountant $80,000    - $120,000
Accounts Payable Manager $80,000    -  $120,000
Credit Manager $80,000    -  $110,000
Tax / Treasury Accountant $90,000    - $120,000
Bookkeeper / Company Accountant $70,000    -  $130,000
Procurement Officer $60,000    -  $90,000
Assistant Accountant $60,000    -  $80,000
Accounts Receivable Collections $55,000    -  $70,000
Accounts Payable $55,000    -  $70,000
Payroll Officer $60,000    -  $80,000

Salaries are a guide only. Salary packages include superannuation contributions.

 

Average hourly rates for financial and accounting contractors 2018/2019
Position Contractor rates
Chief Financial Officer / Financial Director $1,500 + per day
Transformation Strategy / Project Manager $1,000 + per day
Head of Tax / Treasury
$1,000 - $2,000   per day
Head of Financial Planning & Analysis
$1,000 -  $1,500 per day
Head of Audit
$1,000 - $1,500 per day 
Group Financial Controller
$1,200 - $2,000 per day
Project Manager
$1,000 -  $2,000 per day
Business Analyst
$600    -   $1,000 per day
Shared Services Manager $125    -  $155 per hour
Procurement Manager $115    -  $200 per hour
Financial Planning & Analyst Manager $110    -  $165 per hour
Financial Controller / Financial Manager $110   -  $180 per hour
Tax / Treasury Manager $100   -  $155 per hour
Payroll Manager $70     -  $115 per hour
Audit / Risk / Compliance Manager $110    -  $155 per hour
Systems Accountant $65     -  $110 per hour
Management Accountant $65     -  $95 per hour
Financial Accountant $65     -  $95 per hour
Accounts Payable Manager $65     -  $95 per hour
Credit Manager $65     -  $85 per hour
Tax / Treasury Accountant $70     -  $95 per hour
Bookkeeper / Company Accountant $55     -  $100 per hour
Procurement Officer $45     -  $70 per hour
Assistant Accountant $45     -  $65 per hour
Accounts Receivable Collections $40     -  $55 per hour
Accounts Payable $40     -  $55 per hour
Payroll Officer $40     -  $65 per hour

Rates are a guide only. Hourly rates reflect total cost to the employer, exclusive of GST.

At Moir Group we believe that a satisfying job leads to a fulfilling life. For more advice about finance and accounting sector salaries, or for help in making your next career move call (02) 9262 4836 or browse our latest jobs





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  1. Things you need to know when negotiating your salary Carolyn Loton 12-Dec-2018
  2. Finance & Accounting Salary Review - 2018/19 Carolyn Loton 04-Dec-2018
  3. How to Network Effectively Sara Eriksson 28-Nov-2018

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