CM December DECEMBER 2018

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CAREERS ADVICE A bright future Salaries rise faster outside of London as credit professionals continue to be in demand. AUTHOR – Karen Young THE latest annual Hays Salary & Recruiting Trends 2019 guide shows that credit professionals are confident in their skills and prepared to move roles as average salaries rise higher in areas outside of London. As credit talent continues to be in demand, salaries have risen steadily again this year at 2.4 percent, above the UK average of 1.9 percent. Regionally, the largest increases witnessed for credit professionals were seen in Northern Ireland at 7.3 percent, followed by 6.9 percent in the North West, 6.1 percent in Scotland and 4.7 percent in the North East. Credit professionals in these areas are in particular demand, and as such are aware of their worth, and this together with skills shortages, is inflating salaries further. Encouragingly the steady salary rise seen over the past few years looks set to continue as 81 percent of finance employers said their salaries increased this year, and over three-quarters (77 percent) hope the same will happen again next year. As a result, over half (57 percent) of credit professionals say they are satisfied with their salary, an increase from 43 percent last year. Pressure remains however for employers to continue to keep salaries above market rate, as close to two thirds (63 percent) of professionals in the industry expect their salary to increase again in the year ahead. Two fifths (40 percent) of credit professionals said they have moved jobs in the last 12 months, while a further 37 percent said they had considered leaving their roles. This figure combined points towards a large proportion of professionals who would be tempted to move for the right offer. With over two-thirds of employers expecting to encounter a shortage of suitable applicants over the next 12 months, organisations should look to tap into this passive talent pool. Looking ahead, over half (54 percent) of professionals expect to move jobs in the next 12 months, higher than the year prior at 49 percent. Over a third (37 percent) of the 49 percent plan to look for a new job in the next six months. The top reasons for professionals wanting to leave their roles is split equally between salary/and benefits packages and a lack of future opportunities – both at 23 percent. Half of professionals also cited that an improved salary or benefits package would tempt them to move jobs indicating that salary will be an important factor for employers if they hope to tap into the talent market in the year ahead. JOB SATISFACTION Alongside an increase in salary satisfaction, over two-thirds (67 percent) of professionals working in credit say they are currently satisfied in their roles and 49 percent feel there is scope for progression within their organisation, an increase from 34 percent. While it’s reassuring employers have clearly been more transparent in communicating progression pathways within their organisations, only 39 percent of credit professionals feel positive about their career prospects. Although 94 percent of finance employers expect their organisation’s activity levels to increase or stay the same over the next 12 months, it’s evident employees may be more concerned about future opportunities as economic uncertainty continues. WORK-LIFE BALANCE Over half of professionals (55 percent) rated their work-life balance as good, above the UK average of 45 percent. 51 percent of professionals said they would change their working hours, including flexible working in order to improve this. Additionally, 29 percent of professionals said work-life balance was the most important factor when considering a new role with flexi-time cited as the most popular option. Positively, employers are aware of the importance of this for professionals. Aside from salaries, finance employers say work-life balance including flexible working was the most important factor towards helping to attract staff. While employers may be concerned about the impact of changing working hours when already struggling with staff shortages, offering and promoting these options is a valuable aid to attraction and retention. EMPLOYERS UNAWARE Our research indicates a clear mismatch between the benefits professionals in the industry desire and what employers are currently offering. Only two of the top five benefits for employees feature within the top five benefits offered by employers. The top benefits for 60 percent of professionals when looking for a new role were: over 28 days paid annual leave; pension provision above the legal minimum (51 percent); health insurance or private medical care (51 percent); life insurance (43 percent); and training and/ or professional certification support (38 percent). Employers, however, believe the top five benefits for attracting talent are: childcare voucher schemes (71 percent); pension provision above the legal minimum (54 percent); cycle to work schemes (51 percent); financial support for professional studies (49 percent); and health insurance/private medical care (45 percent). It’s evident that benefits aid worklife balance such as a generous holiday entitlement are attractive to employees and employers who want to attract the right talent should think about how they can tailor their benefits to suit a changing workforce. Overall, it’s positive that professionals in the sector have the confidence to move, encouraging employers to offer increased and competitive salaries. Employers looking to hire in the coming year will need to act decisively as competition for talent continues to be fierce. Those looking for the best talent will require a clear progression map for their teams, as employees are not scared to move in order to build a long-lasting career in credit management. Karen Young is Director at Hays Credit Management. The Recognised Standard / www.cicm.com / December 2018 / PAGE 38
CAREERS ADVICE CREDIT SALARIES UK 2019 Credit Controller Senior Credit Controller Credit Risk Analyst Credit Control Supervisor Credit Manager Group Credit Manager / Head of Credit Credit Director Region 2019 2019 2019 2019 2019 2019 2019 East Midlands £23,000 £25,000 £40,000 £30,000 £40,000 £58,000 £80,000 East of England £24,500 £28,000 £40,000 £30,000 £38,000 £55,000 £70,000 London £27,000 £32,000 £50,000 £36,000 £55,000 £72,000 £95,000 North East £21,000 £25,000 £32,000 £26,000 £38,000 £60,000 £75,000 North West £23,500 £26,000 £40,000 £30,000 £42,000 £60,000 £80,000 Northern Ireland £23,000 £26,000 £32,000 £30,000 £42,000 £55,000 £70,000 Scotland £22,500 £26,000 £32,000 £30,000 £40,000 £55,000 £65,000 South East £26,500 £30,000 £40,000 £34,000 £45,000 £65,000 £85,000 South West £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 West Midlands £23,500 £26,000 £40,000 £31,000 £45,000 £65,000 £85,000 Yorkshire and the Humber £23,000 £24,000 £30,000 £27,000 £38,000 £57,000 £70,000 National Average 2019 £23,500 £26,417 £37,333 £29,833 £41,417 £59,083 £75,833 The Recognised Standard / www.cicm.com / December 2018 / PAGE 39
Page 1 and 2: CREDIT MANAGEMENT CM DECEMBER 2018
Page 3 and 4: 4 EDITOR'S COLUMN SEAN FEAST DECEMB
Page 5 and 6: ITSWISETOSTAYALERT! SANCTION &PEP D
Page 7 and 8: New team for the digital market ATR
Page 9 and 10: Cedar Rose launches new late payer
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Page 13 and 14: OPINION First impressions Philip Ki
Page 15 and 16: OPINION Sean Feast FCICM Not so Fai
Page 17 and 18: “If you work hard then good thing
Page 19 and 20: OPINION BUDGET SURPRISES Time to du
Page 21 and 22: ASK THE EXPERTS AUTHOR - Lauren Car
Page 23 and 24: Exclusive offers for all CICM and F
Page 25 and 26: OPINION AUTHOR - Peter Walker On th
Page 27 and 28: TRADE TALK A true collaboration Wor
Page 29 and 30: Fallen angels in the making FIRMS n
Page 31 and 32: COUNTRY FOCUS AUTHOR - Adam Bernste
Page 33 and 34: OPINION AUTHOR - Chris Sanders FCIC
Page 35 and 36: The Recognised Standard / www.cicm.
Page 37: PAYMENT TRENDS AUTHOR - Jason Braid
Page 41 and 42: A Credit Manager walks into a bar
Page 43 and 44: EXCLUSIVE REPORT AUTHOR - Nalanda M
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Page 47 and 48: CICM QUALIFIED your way CICM qualif
Page 49 and 50: CICM MEMBER EXCLUSIVE Your CICM lap
Page 51 and 52: 3 YEARS IN 2018 Credit Controller A
Page 53 and 54: MAKE YOUR CASE Karen Young Peter Wa
Page 55 and 56: Are you a Leader or follower? CICMQ
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Page 59 and 60: BRANCH NEWS A Successful Re-Launch
Page 61 and 62: MULTILINGUAL SENIOR CREDIT CONTROLL
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Page 65 and 66: FOR INFORMATION, OPTIONS AND PRICIN
Page 67 and 68: FROM THE ARCHIVE Credit Management

CM December DECEMBER 2018

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