Salary Survey 2021…Key insights from Elaine Brady, Managing Partner, Barden Dublin

Salary Survey 2021 Cover (1)

In Barden we are consumed with supporting companies that really know the value of their people. We also work directly with, and support, professional accountants at every stage of their career. For us it’s critical that we can provide the best up-to-date and cutting edge insights when it comes to reward so that our clients, and the professionals we work with, can make the best informed and strategic decisions for their teams and professional futures. That’s why partnering with the Chartered Accountants Leinster Society to produce the Salary Survey 2021, is of key importance to us.

Here I share some of the key insights from the survey…

For many 2021 continued to be a challenging year with much change and uncertainty. However, there is no doubt from the results of this year’s survey that as a profession we are managing and navigating this post-pandemic world in a very positive manner and are definitely seeing lots of positive signs emerging. For example:

  • The accounting profession and Chartered Accountants, at all levels, continue to remain one of the most in-demand professions in Ireland, with 96% of those who responded in full-time permanent employment;
  • 67% of members in 2021 believe the market is buoyant versus 25% in 2020; and
  • 9 in 10 members are not concerned about their job security at this point in the Covid-19 pandemic.

The Future of Work

This year’s survey also took a particular focus on the future of work and includes some excellent insights into what Leinster Society members are experiencing when it comes to being supported in achieving a healthy work/life balance, along with their thoughts on the future of work.

60% of members know or have an idea of their future working arrangement. For 8% of those who responded they claim ‘this is not relevant to my circumstances’.

The majority of members would like a collaborative approach to deciding future working arrangements and would like to be involved in a joint design process on their future working arrangements.

The report also touches on the challenges and valuable aspects of flexible/hybrid working for the future, understanding post-pandemic working environment descriptions and insights into designing the future working arrangements of teams.

At a time when many organisations are finalising their new working policies this survey could not have come at a better moment.

Alongside this the insights from this survey make for essential reading if you are interested in career satisfaction, progression, reward (including non-monetary compensation) and the future of the profession.

Some key insights on new work practices, from your membership, include:

  • 13% of those who completed the survey were admitted to CAI in the last two years.
  • 96% of those who responded are in full-time permanent employment with 19% employed in practice.
  • Financial services (25%) and IT & telco (13%) continue to be the highest sectors in which those working in industry are employed.
  • There has been a significant increase in members expecting to receive a bonus in 2021 with 67% expecting to receive a bonus, versus 52% in 2020.
  • Annual leave and fringe benefits continue to be a core part of overall salary packages with the average number of annual days leave standing at 25, 50% receive health insurance, 75% are part of a pension scheme, and 4 in 5 receive an Institute subscription.
  • Positive increase in non-monetary ways employers try to facilitate a healthy work/life balance including
    • 88% of respondents have the ability to work from home, up from 50% pre-pandemic.
    • 48% have access to flexible working arrangements, up 9% from pre-pandemic.
  • We have also seen an increase in those placing ‘lots of value’ and ‘some value’ on work/life balance pre-pandemic since Covid-19.
  • Only 4% of those who completed the survey have seen their salaries reduced as a result of Covid-19, down from 13% in 2020.
  • Further positive news with 97% not in receipt of government Covid-19 support.
  • There has been a significant change in attitudes towards the employment market versus the previous year. 67% of members in 2021 believe the market is buoyant versus 25% in 2020.
  • 9 in 10 members are not concerned about their job security at this point in the Covid-19 pandemic versus 8 in 10 in 2020.
  • 60% of members know or have an idea of their future working arrangement.
  • Of those who have an idea of their future working arrangement the overall split will be 52% in-office/onsite and 48% working from home. Interestingly this is the same as 2020.

Some additional insights on extrinsic reward, from your membership include:

  • Average basic salary for newly qualified accountants across all sectors is €54,533
  • Salary Package for newly qualified accountants in industry is €59,393
  • Salary Package for newly qualified accountants across all sectors is €57,164
  • Salary Package for 5 years PQE in Industry (excl. FS) is €83,535
  • Salary Package for 5 years PQE across all sectors is €83,450
  • Average Salary Package in Leinster Society is €112,033

To download a copy of the Salary Survey 2021 publication click here.

We hope it assists you in planning for your professional future and equally as importantly, that of your team around you, wherever you may be currently working from.

If you would like further information or to chat to me directly about the Salary Survey 2021, your professional future, or building your finance team please get in touch by email to elaine.brady@barden.ie or through LinkedIn.

 

 

 

At Barden we invest our resources to bring you the very best insights on all things to do with your professional future. Got a topic you would like us to research? Got an insight you would like us to share with our audience? Drop us a note to hello@barden.dev.perpetualdigital.ie and we will take it from there. Easy.

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