Credit Management magazine December 2017

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HAYS – SALARY GUIDE RISING STOCK How credit managers are seeing salary increases and optimism prevail over Brexit uncertainty. AUTHOR – Karen Young FCICM is Director of Hays Credit Management THE credit management market remains positive, with employers seeking talented individuals and candidates looking for new and exciting opportunities. As we move through Brexit proceedings, most organisations are keeping the mantra of ‘business as usual’ even while the outcome of the referendum remains uncertain. Employers, however need to work hard to attract talent and businesses will find that if they are offering salaries below market rate, coupled with a noncompetitive choice of benefits, they will struggle to recruit against the current outlook. SALARY INCREASES Pay for credit professionals increased by 2.4 percent across 2017, significantly higher than the overall increase seen for finance professionals at 1.4 percent and higher than the overall UK salary increase (1.8 percent). The findings from the ‘Hays UK Salary & Recruiting Trends’ guide show that the average salary for credit professionals recruited by Hays Credit Management within the last 12 months was £37,292, 2.4 percent up from 2016. Although the average increase of salaries for credit professionals is lower than the data last year (3.7 percent), the majority are still enjoying above average salary increases. However, 53 percent of credit professionals still aren’t satisfied with their salaries this year, and 48 percent are hoping for a pay increase in the coming year. Similar to our findings last year, salary increases were not isolated to London, with a number of regions receiving above average increases to the rate of pay in the finance profession. Credit managers in the East of England for example saw a nine percent increase in pay, followed by a six percent increase for the same role in the North West, and five percent in the South East. Credit controllers in Northern Ireland received a five percent increase, as well as controllers in the East Midlands. For credit professionals, there is a positive outlook and demand especially within the permanent market. In London particularly, candidates with specific industry knowledge, such as legal or property are in demand as employers look to hire experienced talent who can hit the ground running. Language skills, and good technical acumen are also in demand across the UK, in particular in areas where there is a concentration of shared service centres, so candidates with this potential can expect good opportunities and offers. From a regional perspective, in the South we’ve witnessed a rise in employers looking to hire risk or credit analysts specifically. In the North West, there has been a notable recent increase in roles available for senior professionals, including head of credit, credit risk manager and credit team leader opportunities. EMPLOYER OPTIMISM Positively, the majority (95 percent) of finance employers are optimistic that their organisation’s activity levels will either increase or stay the same. Our results indicate that those predicting growth is lower than last year, at just over half (52 percent) compared to 58 percent, however this is recognised due caution in light of political and economic uncertainty. Similarly, fewer employers of finance professionals are looking to hire (57 percent) over the next year, compared to the UK average (71 percent). Skills shortages remain challenging for employers, with the majority saying they have experienced either moderate or severe shortages when recruiting this year. Nearly two-thirds of employers believe that competition for job roles is the main cause of shortages in the sector, followed by a lack of talent pipeline. Worryingly, skills shortages are impacting more than just productivity as employers reported significant impacts on employee morale, business development, expansion and profit. CAREER PROGRESSION There is cause for concern for employers as credit professionals are worried at the lack of career progression and are willing to move roles if they feel they aren’t progressing; two-thirds said they felt there was no scope for progression within their current organisation, significantly higher than finance professionals overall at 57 percent. Some 49 percent of credit professionals are also planning to move roles within the next 12 months, with a third saying the main reason for doing so would be a lack of future opportunities in their current organisation. Employers are warned that if they don’t start to invest sufficiently in promoting clear career paths for credit professionals, as well as opportunities for training, they are unlikely to attract and retain the talent they need. Employers who want to attract the right talent should expect to offer salaries at a market rate or above, as well as generous benefits and career development or training opportunities. As more and more job and person specifications include a request for candidates who have studied or are studying for their CICM qualifications, those employers who actually offer a study support package as an element of the overall package, can certainly help themselves stand out. Counter offers are commonplace as employers look to retain talent, as is the likelihood of someone receiving multiple offers, particularly in London, so employers recruiting should expect this during the hiring process and act quickly. Employers should also ensure that opportunities for personal development and career progression have been clearly and carefully positioned all the way through the interview stages. Hays UK Salary and Recruiting Trends 2018 In early Summer 2017 Hays surveyed over 100 employees working in credit, and 1,089 accountancy and finance employers. Salary data has been compiled using information gathered during 2017 from Hays offices across the UK, and is based on job listings, job offers and candidate registrations. hays.co.uk/salary-guide The Recognised Standard / www.cicm.com / December 2017 / PAGE 34
HAYS – SALARY GUIDE CREDIT SALARIES UK2018 Credit Controller Senior Credit Controller Credit Risk Analyst Credit Control Supervisor Credit Manager Group Credit Manager / Head of Credit Credit Director Region 2018 2018 2018 2018 2018 2018 2018 East of England £24,500 £28,000 £40,000 £30,000 £38,000 £55,000 £70,000 London £26,500 £32,000 £50,000 £36,000 £55,000 £72,000 £95,000 East Midlands £22,000 £25,000 £40,000 £29,000 £38,000 £58,000 £75,000 West Midlands £23,000 £25,000 £40,000 £30,000 £48,000 £65,000 £85,000 North East England £20,500 £24,000 £30,000 £26,000 £36,000 £58,000 £70,000 North West England £22,000 £25,000 £40,000 £28,000 £37,000 £55,000 £75,000 Northern Ireland £22,000 £25,000 £30,000 £27,000 £40,000 £45,000 £70,000 Scotland £20,500 £25,000 £28,000 £27,500 £39,000 £50,000 £65,000 South East England £26,000 £30,000 £40,000 £33,000 £42,000 £65,000 £85,000 South West England £24,500 £26,000 £42,000 £27,000 £38,000 £55,000 £70,000 Wales £20,000 £23,000 £30,000 £27,000 £36,000 £52,000 £65,000 Yorkshire and the Humber £21,000 £24,000 £30,000 £27,000 £36,000 £57,000 £70,000 National Average 2018 £22,708 £26,000 £36,667 £28,958 £40,250 £57,250 £74,583 The Recognised Standard / www.cicm.com / December 2017 / PAGE 35
Page 1 and 2: CREDIT MANAGEMENT CM DECEMBER 2017
Page 3 and 4: 13 PEER PRESSURE ROBERT PETTIGREW 2
Page 5 and 6: CMNEWS A round-up of news stories f
Page 7 and 8: Rising costs threaten survival of U
Page 9 and 10: The state of the credit management
Page 11 and 12: Joanna Elson OBE, Chief Executive o
Page 13 and 14: OPINION AUTHOR - Sean Feast PEER PR
Page 15 and 16: OPINION AUTHOR - Sean Feast failure
Page 17 and 18: Kier achieves gold after creating N
Page 19 and 20: for example, have become a pressure
Page 21 and 22: FROM THE CHAIR Time to reflect The
Page 23 and 24: HQ PROFILE - GOVERNANCE AND TECHNIC
Page 25 and 26: Supported by Headline partner EUROP
Page 27 and 28: TRADE TALK What now for UK traders?
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Page 33: The Recognised Standard / www.cicm.
Page 37 and 38: OPINION AUTHOR - BODHI GANGULI ANAL
Page 39 and 40: South West PAYMENT TRENDS Sector Sc
Page 41 and 42: THE RECOGNISED STANDARD CICM Britis
Page 43 and 44: OPINION AUTHOR - CHRIS SANDERS Chri
Page 45 and 46: THE CREDIT CONTROL RECRUITMENT SPEC
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Page 51 and 52: OPINION BLACK OR WHITE The economy
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Credit Management magazine December 2017

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