accountancy & treasury
salary guide 2024

2023 started slowly in the recruitment market in general. In The Panel, we were down 30% in Q1 2023 activity compared to Q1 2022. This was a story similar to our competitors’. From our conversations with clients, candidates, and competitors, it seems that the doom and gloom around tech. layoffs at the time impacted confidence in the jobs market.

2022 was a frothy year for all recruitment, including finance recruitment. The Panel finished 2023 on par with our 2022 figures, something we did not envisage at the end of Q1! Q2 saw a big improvement, and Q3 and Q4 saw a ramping up in activity as confidence returned to the market.

Talent Pools:

Our clients are now more open to the talent pools they source from. We have been pushing the “grey market”, candidates aged 50 and over who are great value, capable, and loyal. Ageism is much more prevalent than sexism in the market, and the “Over 50s” is a talent pool that some clients have dismissed too easily. The clients we have partnered with and placed more experienced candidates with are getting more bang for their buck.

More of our clients have accepted hybrid working as here to stay. Accountancy is a profession that lends itself well to hybrid/remote working.

In the following pages, you can see our comprehensive Sentiment Survey, which covers this topic comprehensively. Clients who need people to work on-site full-time are fishing from smaller talent pools.

With remote working, candidates with disabilities/ mobility issues are more accessible as a talent pool, which is very good. We are also seeing clients look internally first to see if their talent demands can be met in-house. Sometimes, internal promotions lead to our clients recruiting at a lower level to backfill roles at a lower level than they envisaged when they started the recruitment process.

Travel:

As in 2022, 2023 was the year of travel. Pre-Covid, it was traditional that newly qualified accountants would travel to Australia/Canada for their year out. That is still happening. However, there is a “backlog” of recently qualified accountants who also missed out on the travel experience, and some are also travelling now. This makes some financial accountant/finance manager roles harder to source for.

Speed of hire:

With the demand for accounts staff and finance professionals to the financial controller level still strong, the speed of hire became more of an issue. Clients that committed to partnering with us with a robust recruitment process got their rewards. A robust process included a quick turnaround from screening CVs to doing first interviews, making all stakeholders available to interview candidates in a timely manner and a quick decision-making process to go to offer.

A lot of time was wasted when the recruitment process became more elongated, with candidates, particularly at the more junior level, spoilt for choice and therefore off the market almost as soon as they were on it.

Counter offers:

As happened in 2022, more of our candidates were counter-offered. This reflects the demand for talent and more companies being desperate to hold onto what they have.

Losing a candidate to a counteroffer can be particularly frustrating for clients who invest a lot of time and effort in running a proper recruitment process. It is something to be cognisant of in 2024, also.

CFO Market:

Counteroffers are not just the preserve of the more junior roles either. The demand for strong talent at the finance director/CFO level is on a par with 2022. In 2023, we continued to partner with PE firms looking to source executive finance talent for their various investments. We also worked with more owner-managed businesses in 2023, often with owners who are looking to scale a business for a future liquidity event and need financial rigour introduced/enhanced in their business.

LTIPs:

Another trend from 2022 that was maintained in 2023 was the prevalence of LTIPs (Long Term Incentive Plans) as part of the CFO remuneration package. We found this with PE-backed companies and entrepreneurial companies looking to scale for sale. Something to keep an eye on in 2024.

Summary:

The executive finance recruitment market is in rude health. It is still a candidate led market, however, not as frothy as it was in 2022. Salaries are going up, but not at the same rate.

Candidates are still gravitating towards employers with more flexible work arrangements, and the speed to hire is getting shorter as we are still in a candidate-short market. Clients that are more open to sourcing from different talent pools will find attracting finance talent easier.

Private equity backed opportunities:

As senior finance candidates decided to look for new roles, opportunities were opening up. In The Panel, we dealt with a number of private equity-backed companies. They were all looking for executive finance talent that could scale their investee companies for sale. Similar to 2022, although PE-backed roles were not as plentiful in 2023. H2 was busier with PE backed opportunities than H1.

These roles came with good base salaries and add-ons. The biggest attraction however was the equity piece. The roles came with Long Term Incentive Plans (LTIPS) set up to materially reward the candidate when a liquidity event occurs.

The difference between these opportunities in 2023 than in 2022, is that while candidates were keen on the equity rewards, they all pushed for higher base salaries too. Candidates were prepared to sacrifice some of their base salary for the equity potential, but not to the extent the PE companies would have liked.

After a quiet start, 2023 turned into another busy year for finance professionals at the Financial Controller and the Finance Manager levels. This was maybe to be expected following two years of high growth. This demand for skilled accounting candidates continues to be driven by the sustained growth in various industries including pharma, retail, FMCG and the services sector.

Candidate driven:

As in 2022, 2023 has been very much a candidate-driven market, with most senior finance candidates having a couple of job offers to choose from. We are seeing candidates generally earn up to 10%more on their base salary when making a move.

Annual leave increasing:

Many of our clients are increasing their annual leave allowance to help them attract top candidates. Clients see this as a practical way to entice candidates, particularly those looking for more work/life balance.

Culture and ESG:

Candidates are also paying more attention to potential employers’ company culture and sustainability policies. ESGis definitely something more candidates are considering when doing their due diligence on a future employer. We see this becoming more important to candidates in 2024.

Managing new hires proactively:

Companies looking to recruit in the coming year must have a clear plan before starting the process. Companies that act fast during the process are more likely to get their first-choice candidates. We also advise clients to keep in contact with their new hires prior to the start date; this will help foster positive feelings about the role and improve retention.

2024:

If our Q1 pipeline is an indicator for the year, it will be a busy one and 2024 will also be a candidate led market.

The demand for accountancy professionals in the Financial Services sector has increased the adoption of hybrid work and work-from-home requirements. As hybrid working has become more prevalent, employers should continue to offer flexible work arrangements to support their employees. With such high demand, clients who fail to adapt will be left behind.

We are, however, seeing more companies being prescriptive on days in the office, led in the main by U.S. owned entities. This can make it more difficult for these businesses when it comes to attracting talent versus companies with more flexible working environments.

Confidence is returning to the aircraft leasing sector, with the demand for talent increasing after a fallow couple of years.

Work/life balance:

In recent years, work-life balance and flexibility have emerged as significant factors for employees in choosing a job. They have even surpassed salary and job satisfaction in importance in some cases. Companies that do not accept this change in thinking will find retaining and attracting new employees challenging in the coming years.

Employer branding:

Employers must pay attention to their employees’ morale, focus on creating a positive employer brand, and develop transparent progression pathways that hold value for their employees. In today’s competitive job market, the best talent is more open to new opportunities than ever. Companies that fail to provide a clear path to growth within their organisations risk creating a potential talent gap.

Newly Qualified:

The demand for newly and recently qualified accountants remains robust and competitive, driven by sustained economic activity and the significant presence of multinational corporations and financial institutions in Ireland. Currently, this is proving to be a particularly challenging recruitment market at this level, given the multitude of options available to candidates.

Travel:

Moreover, a considerable percentage of candidates are opting for working holidays in Australia or Canada, further depleting the talent pool. This is not just impacting newly qualified accountants; recently qualified accountants who missed out on travelling during COVIDare also emigrating.

A competitive market means quicker turnaround:

Efficiency in the interview process and clear communication on timelines and feedback are crucial factors. There has been a noticeable increase in candidate withdrawals, often due to the process being overly prolonged and/or because of a lack of effective communication.

Technology is driving more data analytical roles:

Employers are increasingly influenced by the technology landscape in their hiring decisions. There is a growing emphasis on candidates with expertise in financial software, data analytics, and emerging technologies relevant to the accounting profession. The ongoing digital transformation within companies is creating opportunities for accountants who can navigate and leverage advanced financial systems. Employers seek individuals who possess strong accounting fundamentals and demonstrate adaptability, critical thinking, and a proactive problem-solving approach.

Salaries increasing:

Competitive increases in salary packages for newly qualified accountants reflect the high demand for top talent. The accountancy firms are fighting hard to retain their talent with attractive benefits, professional development opportunities, and flexible work arrangements to attract and retain qualified individuals. They are also organising work with their sister firms abroad, looking to keep their newly qualifieds with their firms.

Summary:

In summary, the present recruitment market for newly qualified accountants is characterised by a vibrant job landscape, competitive compensation packages, a flexible approach to remote work to attract key talent, an increasing emphasis on technology skills, and a focus on cultural fit and soft skills throughout the hiring process.

Accounts staff:

Salaries at the accounts staff level are rising at an average of 10% across the board, driven by a busy market impacting demand. Employees are also more proactive in asking for pay rises, citing inflationary pressures.

There has been a notable increase in the demand for accounts assistants and accounts payable staff throughout 2023. Candidates are now more aware of the market opportunities available, with hybrid working a key request.

Benefits such as healthcare insurance are differentiators now, with clients who provide add-ons like this, coupled with offering the option of hybrid working, securing the best talent. Candidates are savvier about their worth and their options in the market.

Quick turnaround:

With such high demand, it is in the client’s best interest to be actively engaged in the hiring process. This should involve a quick turnaround with minimal stages, as candidates usually apply for multiple roles simultaneously. Any unreasonable delay may put a suitable candidate off the position and cause clients to miss out on the best talent. This is particularly prevalent in the accounts market, where candidates have the choice of several roles at similar levels.

Coaching/Career path:

Our clients who can demonstrate that they will invest in the candidate’s career from a coaching perspective and who can outline a career path, particularly for younger candidates, have a distinct advantage when it comes to attracting talent. In some cases, they can secure the candidates at a lower salary level, by selling their more holistic approach, particularly to candidates with the ambition to develop their careers.

2024:

Our pipeline of roles is similar to Q4 2023. We are expecting the same level of demand this year and 2024 to be another candidate-led market.

Corporate Treasury:

Recruitment within corporate treasury in Ireland was again very strong throughout 2023, and this was across multinational treasury centres, shared service centres and within Irish plcs. This recruitment buoyancy was driven by both expansion of many existing treasuries in Ireland as well as the establishment of some new treasury centres in Ireland.

There was an increase in staff turnover as candidates took the recent buoyancy in the recruitment market as an opportunity to gain experience in a new environment and increase their remuneration.

Demand:

As in 2022, demand has been heaviest at Treasury Analyst level up to Treasury Manager, but 2023 also saw several high-profile vacancies at Assistant Treasurer and Treasurer levels. Pressure on salaries within corporate treasury was acute in 2023 with average salaries moving up by between 8%and 12%.

Hybrid:

For the avoidance of doubt, hybrid working is here to stay! We have some clients within corporate treasury who are 100% remote and indeed a few clients who insist on staff working 5 days a week in the office. The reality is that for the majority of companies the norm has settled on 3 days in the office and 2 days WFH. Candidates expect this and have adjusted their lifestyles accordingly, so employers who do not offer hybrid working really struggle to hire staff.

In-House Legal Market:

We found 2023 to be an exceptionally busy year across the legal recruitment and company secretarial market. This followed a trend in many companies over the past few years to build out the in-house legal function as a cost saving strategy.

We managed mid-senior level in-house assignments across technology, pharma, construction, investment management firms, private equity, insurance, banking, fintech and leasing organisations.

The roles tended to range from min. 5 year pqe lawyers up to General Counsel/CLO and Head of Legal level.

Some of the smaller entities (especially in the Private Equity and Venture Capital space) hired their first Head of Legal, with a view to expanding the team in the next 12-24 months. As mentioned above, the decision around these hires was being driven by the long-term cost savings by bringing the legal work (where possible) back in-house.

A number of the large investment management firms hired additional Legal Counsel, bulking out their existing teams. Interestingly, a couple of these positions had originated in the London or Luxembourg markets, but our clients decided to complete the hire in Dublin – a win for the Irish market!

In other good news for the Irish market in 2023, The Panel was exclusively engaged on a project to hire a General Counsel and senior leasing lawyers for a new entity setting up in Dublin (with 50+ hires for Dublin). Further proof that Ireland offers new entrants a superb pool of talent in the legal financial services market.

The Panel runs a Candidate Sentiment Survey to assess candidates’ attitudes to certain topics.

• 2158 candidates completed the survey.
• The candidates surveyed were from junior management to “C” suite level across the IT, finance, accounting, legal, HR,and ESG professions.
• The candidates were presented with a multiple-choice answer for every question, bar question one, where they chose every answer applicable to them.
• Where the same question was asked in our Autumn 2022 survey, we provide a comparison to Autumn 2023.
• The survey had a “free text” box at the end, and over 10% of the candidates chose to give us their observations on certain topics.
• Their observations are under the relevant questions in italics, and we have purposely given them a voice; this is their survey.

(Respondents clicked all that where appropriate) 2,106 out of 2,158 people answered this question.

Comparing the responses to the same questions from Autumn 2022, more people are working the way they always worked and are back doing more hours.

As the hybrid market is maturing, we see a 20%jump in those embracing hybrid working (67% from 55%). In tandem, over three times as many people are working in the office (7% from 2%), albeit coming from a low base. Many respondents who do hybrid seem to be spending more time in the office than before while still WFH.

Interestingly, a third more (44% from 33%) are prioritising their family and wellbeing; respondents seem to be more aware of wellbeing, a legacy of COVID living it seems.

From the respondents’ comments below this question and others, you will see a variety of reasons for this.

“In HR, you deal with people, and if they have to come in to work, so do you most of the time.”

“I think people like me who did the rat race for 20 years prior to COVID-19 will not return to 5 working days in the office.”

“Currently, there is a push to do more days on-site. If this continues, it will be the defining reason for me moving. I also feel these decisions are being made primarily by men who have ‘always done it that way’. But society has seen a better way; why would we want to go back?”

2,094 out of 2,158 people answered this question.

This question concentrates on where the respondents themselves want to work if it was their choice. Many of the answers to these questions remained consistent from the previous year (the last question was not asked in 2022). There is a significant upsurge of 40% (17% from 12%) who only want to work fully remotely.

Conversely, the number of people who would elect to work in a hybrid fashion has fallen from 65% to 56%, while working full-time in the office saw a 25% jump, albeit again from a low base, 4% to 5%. This suggests that the desire of respondents to move from hybrid to remote is something we need to keep an eye on.

2,044 out of 2,158 people answered this question.

There are no real surprises here; most of our clients offering hybrid work options have their teams in two or three days in the office. That over one in ten employers are looking at four days on-site is a trend to keep an eye on, especially when you add it to the 8% in the office full-time, so one in five employees are back working in the office a minimum of four days a week.

“Personally, I like going into the office a few days a week (I love the flexibility of 1-2 days WFH), but I think a lot of companies are slowly shifting away from hybrid models.”

“I work in the office 4 days; we are required to do 3, but with people choosing their WFH days, it’s hard to get people together for meetings, and even if in the office, it’s still Zoom meetings. I would prefer in-person meetings as they are more productive. On Zoom, people are distracted and are doing other things.”

“Of the 3 days we’ve been asked to return to the office, 2 are fixed with 1 flexible day. They are making some accommodation for key talent who may have moved during Covid & they don’t want to lose them.”

“I try to focus more on the outcome/productivity of my team and not focus on the where so much.”

“Mandatory 3 days in office with 1 anchor day but I pick and choose the 2 days to juggle family commitments. I have a short commute in Limerick with plenty of parking so the RTO not really impacting me.”

“My sense is the balance shall revert to employers in the next six months. This may result in more employers requesting employees to be on-site full-time. Employers may be underestimating how this might impact their ability to retain and hire.”

“Case Law will dictate working from home in the future – just awaiting a WRC case outcome to set the tone.”

2,043 out of 2,158 people answered this question.

That one in every six respondents are looking at their physical workspace as a reason to go on the jobs market is something employers need to be cognisant of. Particularly relevant if employers are mandating a return to the office.

“Managers do not have the skillsets to run remote teams efficiently. There is a need to skill up managers on communicating with remote workers.”

“Leadership should lead by the example. Alternative work hubs for collaboration could be an option.”

“My preference for WFH is driven by being able to afford to buy what I want in Dublin, so I will be moving to Wicklow/ Wexford. I will still go to the office as needed.”

“Employees will leave companies who enforce a full return to the office.”

“I believe that work-life balance is crucial for organisations success however, somehow, most older managers don’t want to accept it.”

“Employees want to work in a meaningful manner. To get the best out of them they need to be treated like adults. Autonomy, responsibility, and trust are key. If I don’t get those I move on.”

“The balance re workload has shifted, hybrid working has led to an out of sight out of mind attitude. Those in the office do more and are asked to do more.”

“Always be open to hearing feedback from your employees, and if mandating people back to the office for collaboration, ensure senior management applies to that also. I was remotely managed and had to bring all my teams back, and not once physically met my own direct management team.”

“In my view, the option to WFH is essential and would be one of the top three considerations if I was changing employment. Currently, my employer allows 2 days per week, but I would prefer 3.”

“Employees are often not told the value of physically working together – this needs to be promoted.”

“I believe working full time remotely leads to a cultural and relationship disconnect in my experience. Attending the office weekly or at least a few days a month should be a minimum to maintain productive engagement and relationships etc.”

“Likely that many firms will continue to ask employees to go back to the office, not just for culture but also so that grads can learn from experienced employees.”

2,041 out of 2,158 people answered this question.

Most respondents feel that the balance of power is still with themselves, the employee. That less than a third think the balance of power is with the employer is noteworthy. Anecdotally, we believe this number will rise as the jobs market begins to soften.

“There will be a shift and certain multinationals are getting because of their restructuring ‘mentality’ are losing respect and losing the employee who goes the extra mile.”

“The contract jobs market is the flattest it’s been in 10 years… Perm market is very strong… change is happening for sure… big swing towards perm.”

“There is definitely a change of circumstances when speaking with friends and their working arrangements post-pandemic…”

“My company was one of the first back in office and it’s strictly 3 days which is not ideal. It almost feels like being treated like children.”

“Working remotely or in a hybrid situation is fine if the employer trusts his employees. When that trust breaks down and the employee is tracked through his computer program as to how long he is working then that trust level has gone and is detrimental to the company and overall business…”

“Work abroad policy is something that foreign employees are requesting, such as 30 days or 60 days per year working abroad.”

“As a manager, working from home is difficult. However, given the shortage of candidates in rural locations, you have no choice but to offer it as a part of a package.”

“Workers feel employers are using pressure to get staff back to office locations and this will disrupt the labour supply market.”

2,029 out of 2,158 people answered this question.

Overall, candidates are more downbeat on their career prospects compared to 12 months ago. Less than half of them think that the next 12 months will be good for them career-wise, a fall of 16% (50% to 42%). Over one in ten is worried about their career progression, while the 10% thinking of taking time out or travelling/working abroad is a higher number than we expected.

Please note that we did not ask the last two questions in our Autumn 2022 survey, so no comparison figures are available.

“Not sure what consolidating my career meant exactly, but I took it as considering opportunities/options!”

“Compensation gap between newly qualified and experienced needs to grow.”

“I think age is an issue when applying for jobs. Ageism is embedded.”

“Increasingly I am finding that age as opposed to work preferences or competence are becoming an issue.”

“Hiring process is unnecessarily complex and overly demanding. Good candidates are being overlooked or end up burnt out by the multiple interviews, presentations, and assignments. The expat community are returning and while they may be considered as not having Irish experience or even worse “being overqualified”, they bring valuable skills and an international and growth perspective but are dismissed because of aforementioned reasons. Overqualified is the last true discrimination used by employers and it is pathetic.”

2,045 out of 2,158 people answered this question.

2,031 out of 2,158 people answered this question.

2,024 out of 2,158 people answered this question.

1,904 out of 2,158 people answered this question.

“Ensuring a good work culture while using hybrid working lies mainly with the employer.”

“I feel connected to the culture remotely because I’m with the organisation for a long time, which may not be the case if I’d just started or was with the organisation for a short period.”

“The issue of hybrid working and how that is most effectively deployed in organisations is yet to reach a full conclusion. While remote working is valued by employees in being more time efficient and effective in use of time, the necessity of in-person attendance is increasingly becoming recognised. In-person attendance is essential to fostering workplace culture, brand loyalty and safeguarding the long-term wellbeing of employees by providing social and networking opportunities for support and to avoid burnout.”

“While I feel connected to the culture of the company, I understand that a remote set-up makes it harder to bring people into the team and the culture.”

“I believe if hybrid working is to work well, they’re needs to me effort on the part of the employee to connect with corporate culture. It’s not going to happen as organically as when you are full time in the office.”

“In my current role, I manage teams in the US & EMEA. Technology is a priority for me in ensuring a unilateral management approach across both regions. That being said, my experiences & driving developmental factors are coming from the US which don’t serve me in applying for new roles outside of my current company, but I struggle a bit with the personal relatability with my US teams as I can’t meet them in the office.”

“As a contractor, I have mostly noticed HR and People Teams have become disconnected from their workforce. Lunches, merch, etc are not what people look for. Vision, roadmaps, product strategies, etc. is what makes them excited.”

We would like to thank all the respondents for filling out the survey. Special thanks to those who chose to add comments; these were particularly illuminating.