Guest Blog by Tom Chapman of CandidSky
Portfolio Payroll, a specialist recruitment consultancy based in London, has released the results of its 2017/2018 salary survey. Polling professionals across the payroll sector, the organisation revealed how companies were targeting talent through increased salaries and better benefits.
Identifying levels of salary satisfaction throughout the payroll sector, the organisation requested respondents rate this metric out of five stars. Almost 40% (39.59) gave the full score whereas just over six percent (6.37) responded with one star.
In addition, around 26% (26.01%) replied with four, approximately 16% (16.11%) stated three, and more than 10% (11.92%) rated their salary satisfaction levels at only two stars.
These high satisfaction levels could be due to how often salaries were reviewed within the payroll sector. For example, when polling respondents, more than 40% had their income reviewed less than six months ago. In comparison, less than 20% had theirs revised over 12 months ago.
Currently, the average payroll salary in the UK stands at £29,596 while staff in this sector have benefited from a 0.5% increase in overall median basic pay throughout the last 12 months.
Commenting on the findings, the director of Portfolio Payroll, Anthony Macey, stated:
“Increased competition and demand has driven payroll salaries consistently higher year on year since our findings in our 2015 salary survey through to the current highs of our latest survey in 2017.
“The demand for Payroll professionals has been consistently high over the last few years, largely due to the ever increasing complexity of payroll legislation. The continued rise of payroll at the centre of any successful business alongside HR and Finance teams has seen a demand for candidates and the payroll recruitment market has become even more competitive with competition between employers for high calibre candidates as fierce as we have ever known it.”
The most desirable benefits
The emphasis on targeting high quality candidates can be seen in the benefits provided. In addition to salary, it was quite common for firms to provide schemes such as auto-enrolled pension, life assurance, flexible working, or private healthcare.
However, it was not unheard of for employees to be offered gym memberships, car/car allowances, or study leave.
“Total compensation packages and remaining competitive within the market is a key consideration for all employers,”
“Total compensation packages for candidates moving from one role to another is a key deciding factor for potential new hires with pension, private healthcare, bonus and incentive plans most desirable combined with greater interest in flexible working policies.”
Changing recruitment practices
The data collected from the salary survey also illustrates the changing attitudes payroll teams are taking to locating the best talent. Although almost 60% of firms used a recruitment agency to conduct their hiring, almost 20% chose to take someone on through an internal referral or recommendation.
“However, the most significant trend we have seen is the speed in which the market is moving, with companies being required to speed up their recruitment process to compete or even beat competing employers to secure the best talent.” .
“As such we are encouraging our clients to speed up their recruitment process by shortening the gap between interview stages and progressing CVs quickly, through to gaining sign off for new hires prior to starting the recruitment process.”
These rapid changes in the market could explain why more than 30% (30.57%) of payroll teams anticipate recruiting within the next 3-5 months and more than 40% (40.02%) took on new employees less than three months ago.
About Portfolio Payroll
Portfolio Payroll is a market leading, specialist recruitment consultancy solely focusing on the recruitment of payroll professionals across the UK. The company recruits into all industry sectors and has supported the industry since 1988.
About the author of this press release
Tom Chapman works for CandidSky – a digital agency based in Manchester. He works with Portfolio Payroll on their marketing campaign and created this press release.