201512 CM December

OPINION
DEEPER
POCKETS
Salaries are increasing for credit professionals, but it is
career development that you really want says Karen Young,
Director for Hays Credit Management.
CREDIT professionals are at the height
of demand, and appetite for hiring is
increasing salaries as organisations
are competing to attract and retain
the best credit management professionals
to help them harness their cash flow.
Pay for credit professionals increased on
average by two percent in the past year,
with some of the highest salary increases
for some roles reaching double-digit
percentages.
Findings from the Hays UK Salary
and Recruiting Trends 2016 Report show
that the average salary Hays Credit
Management have recruited on for credit
management professionals within the last
12 months is now £35,115, two percent
up from £34,594 in 2015. The salary
increases received by credit professionals
is above the 1.7 percent salary increase
that accountancy and finance professionals
received overall. In fact, last year 66 percent
of employers said they would increase
salaries, but this year a much higher
proportion of employers, 76 percent, said
that they actually did so. Further good
news for credit professionals looks to be
on the horizon, as 74 percent of employers
say their workforces’ salaries are likely to
increase again over the next 12 months.
Salary increases are not isolated to
London and the South East, with many
areas of the UK receiving above average
salary increases. Credit Managers in
Wales, the West Midlands and Northern
Ireland received salary increases of six
percent or more, such is the demand for
their skills. This is all good news for credit
professionals, however, despite these salary
increases, salary rises are not the answer.
Over 1,400 employers of finance
professionals and nearly 250 credit
management professionals shared their
views with us on employment prospects
and what they value most from their
employer. Employees tell us they feel they
have the skills needed to fulfil their current
role, however many think they won’t have
the opportunity to further develop these
skills, as nearly two-thirds of employees do
not think that there is scope for progression
within their organisation.
With employees feeling positive about
their skills but uncertain about their futures,
employers must look at what is most
important for their staff to retain them and
attract professionals looking to move. One
in three credit management professionals
are planning to move jobs in the next
six months, fuelled by expectations of
higher salaries and career progression
opportunities elsewhere.
Credit professionals tell us that their
career progression is most important
to them, more so than their salary and
benefits, so employers must place this at
the top of their agenda. For employers, my
recommendations are to create an open
dialogue and put in place career plans,
offering new project work to employees.
Don’t get caught up in the day-to-day
running of things and overlook the longterm
development, skills and motivations
of staff.
We know the demand for credit
management professionals has not
diminished, credit professionals have the
confidence to move and employers have
the appetite to hire offering increased
salaries. To ensure organisations don’t miss
out on the best talent, offering an attractive
salary and benefits package is not enough
on its own. Employers must prioritise the
career development opportunities that
these credit professionals are asking for.
For further information visit hays.co.uk.
Karen Young is Director for Hays
Accountancy & Finance in the UK. She
has 17 years of recruitment experience
and leads a team of 400 accountancy
and finance recruitment professionals.
CREDIT MANAGEMENT
CM
Further good news for credit professionals looks
to be on the horizon, as 74 percent of employers
say their workforces’ salaries are likely to
increase again over the next 12 months.
The recognised standard in credit management www.cicm.com December 2015
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