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Negotiating a pay rise

20 January 2015

Morgan Hunt provides 8 point plan to gain more recognition and better pay

The not for profit sector brings many rewards to those working in it. Sadly money is not one of them. But you should not be downtrodden even if you love what you do. The perception in the third sector is often that your role is about the cause and not the money, but this doesn't mean that you shouldn't earn what you're worth.  If you have the skills and experience in the role that you do and you deliver excellence in this regard then you are worth a market rate.

Clearly charities are always looking to reduce their cost base and increasing the percent of charitable pound to their beneficiaries but this does not mean that you should not earn what you believe that you are worth.  
 

If you want to negotiate your pay, here are a few key tactics to help:

 

  1. Be sure what your skills are worth and be prepared to support with evidence
    It is important to have a clear understanding of the value of your skills in comparison to the market and sector average. So do your homework and research sector salary surveys. This can also help you plan your career or chose an alternative path that you may not have considered before.
     
  2. Be prepared to demonstrate your value to the organization.
    It’s important to quantifiably show how you are delivering value and the benefits you bring to the organisation. Highlight your successes and your achievements.
     
  3. Be clear about your position in your organisation's future.
    If you can show how you are part of your organsation’s strategic plan and goals it not only demonstrates your understanding of where they want to be but also the part you play in this. If you can show how integral you are to your employers, your worth will increase. Demonstrating your understanding of their long term vision also shows commitment and dedication to the cause.
     
  4. Be confident of your total worth.
    Think about your total worth in terms of how much it would cost the organization to replace you and the learning curve that another would need to go through to get to where you are. Your research will have shown you; what the sector is paying and what you bring to the organization, now tot it all up with the additional hiring costs and the value that you bring to the role through having done it for some time.
     
  5. Be creative about what non-monetary benefits could add value?
    This may sound a little hard-nosed so remember to keep conversations as negotiations and not demands. We are simply trying to evaluate all benefits that other employers provide that sometimes add up to a better package overall. For example you may finally settle on something that does not include a direct salary increase but as enhanced benefits instead.

    Some additional things to consider might be:
    -   Is your role expanding or could you develop it
    -   Can you build on your experience by getting involved in new projects
    -   Is there a learning opportunity in which you can train or take extra qualifications
     
  6. Be rehearsed and role play.
    This is not easy to do. Many tough nuts find it difficult too. So practice with a friend or relative. Go over the salient points in your pitch and work on tone and delivery.  Brief your confidante to ask questions and test you.
     
  7. Be proactive and request a review.
    Sometimes negotiations go over an extended period of time and it may mean that the increase that you want cannot be provided in the short term so there is an alternative approach which is to make sure you work towards your expectations through a series of performance reviews, setting out clear targets and SMART objectives. This will demonstrate your flexibility and it will be clear that you are not holding the organization to ransom but that you have needs too.
     
  8.  Finally …
    The aim is for a win, win situation. The exercise should not be just about what you think you are worth but a more holistic approach to what value you bring to the organization and what the market is paying others with a similar type of skill. Your expectations should be in line with market value.

 
Sector aside, a good employer will want to reward those who add value. If not, it could be time to re-consider your options. For more information on non profit jobs call us on 0207 419 8900 or email us on [email protected].

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Apprenticeships impact further education

20 January 2015

It’s official – apprenticeships are on the rise. The number of young people applying for apprenticeship schemes is at a record high in the UK, according to recently released figures from the National Apprenticeship Service.

Apprenticeships provide an alternative route to employment and career development through paid on-the-job training. With unemployment amongst 16-17 and 18-24 year olds at 36.4% and 18.6% respectively – coupled with rising university fees, it’s hardly surprising that this route has become increasingly popular. 

You can’t ignore an increase of 32% in online apprenticeship applications year-on-year. The  government continue to invest heavily to ensure that employers - especially small to medium sized businesses - are encouraged and incentivised to provide apprenticeships with the aim of helping to get NEET young people into employment.
 

On your marks for new ‘pre-apprenticeship’ programme


In August 2013 the government will be launching a traineeship (or pre-apprenticeship) programme, initially for 16-19 year olds (and young people with learning disability assessments up to academic age 25) to help prepare young people for apprenticeships and other employment.

With more and more young people choosing the apprenticeship path, and with plans to extend the traineeship programme to be delivered to young people up to the age of 24 in due course, demand for enrolment on the programme is expected to be high.

The new scheme will include three key elements:

  • a work placement with a minimum duration of six weeks
  • educational support to improve English and Maths skills
  • work skills training  with flexible training available dependent on the individual's needs.


With the relatively short implementation period for the traineeship programme, further education colleges set to deliver the programme will need to be prepared for the impact.

Morgan Hunt recruitment agency has been the recruitment partner of choice for much of the further education and employability and skills sector since 2005.

We have an established education division with dedicated teams across the UK that specialise in the recruitment of qualified functional skills and employability tutors and PSD mentors across the further education and employability and skills sectors.

Get in touch to find out more about how our expert teams are equipped to help clients prepare to deliver the new traineeship programme by email [email protected] or contact your relevant Morgan Hunt office.

For further information on the traineeship programme visit http://www.education.gov.uk/.

For more statistics on the increase in online apprenticeship applications, visit http://www.apprenticeships.org.uk/.

* Unemployment stats provided by Parliament Youth unemployment statistics, 12 June 2013

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New growth in finance jobs

20 January 2015

Morgan Hunt explores what this means to employers and candidates

After five years of deep recession it’s official - the UK economy is growing. No matter how small the economic growth is at present, firms will need to take a closer look at how they are hiring because without planning for talent when employment conditions change they risk being left behind in the skills chase. 

One of the problems in relying on economic growth numbers to come out is that they are always after the event has happened. Delayed reaction could see the company’s growth plans stifled simply because the skills are not in place. 

 

So how will this play out in recruitment supply and demand for finance jobs. 

An Office of National Statistics report reveals that real wages have been dropping consistently since 2010. In general the economics of this means that the supply side of finance candidates has been stronger than the demand side from employers.  

However there currently appears to be an exception to the economics rule because despite the optimism of employers, accountancy candidate confidence and their attitude to risk is stalling the flow of finance talent coming onto the market. In other words candidates are staying put. 

With stagnant salaries (real wages have been dropping consistently since 2010) and the “last in, first out, myth”, there continues to be little incentive for candidates to dip their collective toes into the market unless a burning platform forces them to jump. Candidates are being risk adverse with their primary need, of the time, being security. 

Employers are now facing a skills shortage across many accountancy divisions. They are also retaining their exacting standards when hiring - unfortunately this bottle neck will grow until good old fashion supply and demand moves towards equilibrium.

A return to a candidate led market will mean rising pressure on salaries, golden hellos, generous share options and improved benefits to attract the best finance candidates.

 

What does this mean for recruitment?

Contractor rates are rising and permanent salary ranges are edging up which is the first indication of a tightening skills market. Accountancy candidates will not move from current positions unless there is a firm career benefit to do so. Salary packages will need to rise to attract new talent and employers would benefit from keeping a more holistic outlook on their selection criteria. 

Often the right person is not necessarily the one who has the best ‘on paper’ match in terms of industry and job experience. The recent appointment of Sir Stuart Rose, former Marks & Spencer’s boss to advise the NHS on how to improve management is a case in point. 

What does Sir Stuart have in common with reviving a ‘failing’ NHS. The answer is probably quite a lot. Stuart’s skills have been proven to be able to spot the issues in large complex organisations – a precise match for the problem at hand.

The art of recruiting often lies in identifying the underlying skills of a finance candidate. Being too focused on trying to find an exact match in keywords, phrases and sound bites does not necessarily yield the best person.

 

A change in recruitment methods will be required when finance candidates are in short supply. 

London in particular is an improving market and any recessionary loyalty will be firmly tested when competitors realise that improved benefits and packages tempt staff away.  

For more than five years employers have called the shots with the most exacting criteria and often with the added recruitment ‘cherry’ of industry sector relevance. It is now just a matter of time, but the move to a candidate led market is returning.  

Excellence needs to be rewarded and employers need to plan and factor in; that the recruitment boot is moving to the other foot and ultimately if employers persist with continuing to work as if the UK is still in recession, then it may come as a shock when highly skilled accountancy candidates pass them by. 

Morgan Hunt offer a consultative service to help you and your organisation find the kind of finance skills that will ensure the continuity of your mission. For more information email [email protected].

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Financial professionals re-examining their roles

16 January 2015

Why finance has gone from being the number crunchers to partners in strategy

 

A number of key events over the last 5 years have led financial professionals to re-examine their roles. What is different now?

Since the global financial crisis the importance of the CFO has risen dramatically, but it’s not just this event that has propelled them and their functional department into the limelight – finance professionals have gone from being the principle number crunchers to partners in strategy.

The finance function makes two essential contributions to the business; understanding costs and how these translate into outputs that turn profits. This isn’t just about doing the maths, the soul of the challenge lies along a continuum of thinking from; quantifying the value of using alternative delivery models and understanding the dynamics of the business through to ensuring that the organisation has the right structure and skills in place, and that the truth on how to report value is balanced and rigorously upheld in one place. The finance function not only plays a critical role in supporting the business but asks the right questions armed with the right information in order to create it.

In recent months we’ve seen a major retailer wipe billions off their share price following the discovery that its profits had been artificially inflated by some £250m due to a discrepancy between when profits were accounted for from deals with suppliers and when costs were paid. Yet it wasn’t just the accounting errors that raised eyebrows but the sheer way in which eventually the story unfolded. It’s hard to understand why a whistle blower accountant should have to go through a protracted route and through many actors that eventually involved in-house counsel to report concerns; a true indication that all was not well with the culture and structure of the business.

This event, although being a high profile is just one of a number of other types of events that have changed the face of finance for good, not necessarily as a result of misdemeanours, but global incidents, structural change, tax and regulation that conspire together to make the finance function a strategic pin that not only holds everything in place but takes decisions from having better information in a wider context. Commercial deals may not be that commercial if they are not structured in the right way, operational success only comes from efficient and effective delivery of service and products and leadership rewarded from having the right contextual information…the banks may learn a lesson or two from here.

In many businesses today finance has a leading role in innovation that can be financed from tax credits with business strategy that uses finance to create additional and increased value from new business models and playing a critical part in the structures that will deliver this. All this and more finance managers are embracing a more strategic role. They are no longer the number crunchers but delivering the right balance of stability for a sustainable future.  This new dawn has an impact on skills where the qualification is just the foundation. Finance professionals are destined for a very creative and commercial career where nurturing the right attributes can lead to one of the most important roles in the organisation.

Morgan Hunt is a specialist recruiter in the finance sector and offer a consultative service to help you and your organisation find the kind of finance skills that will ensure the continuity of your mission. For more information call 020 7419 8900 or email us.

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Top 3 Reasons for Choosing Recruitment Agencies

17 December 2014

Searching for a job can often be a tedious and lengthy process. Here at Morgan Hunt we want to try and take the stress out of it in order to make it easier when it comes to finding your next job as we are one of the leading recruitment agencies looking for staff in a variety of industry sectors. The team here have a wealth of experience and knowledge in placing the right people in the right jobs, and are always on hand to help in your journey.

Save Time

One of the key benefits to using our service is that it’s designed to save you the time of spending hours looking for a job. Using the simple and easy to use search facilities on our website, you can access a wide variety of vacancies with the click of a mouse. You are also able to narrow these vacancies down to search in job categories, location and even salary, dependant on which is most important to you. Additionally, you can upload your CV to our website for it to then be viewed by potential employers and our service even extends to sending you job alerts when a job we think would be suitable becomes available.

Quality of Jobs

As we are a leading recruitment agency, we have access to a selection of the best quality jobs. Some firms and employers will choose to only advertise jobs through agencies, so you may not find them through traditional job searching methods. If you take advantage of our service, we can ensure that you are noticed by some of the leading companies looking for new employees.

Expertise

As the team here at Morgan Hunt have experience and expertise in the industries that we recruit for, we can be on hand to offer you advice and guidance to getting a job in your chosen field. We deal directly with employers so have knowledge of what the job market looks like at the moment.

Why not maximise the efficiency of searching for a job and turn to one of the leading recruitment agencies for assistance? Contact us at Morgan Hunt to see how we could help you land your dream vacancy. For more information on the service we offer, feel free to search our website today.

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CIMA newly qualified salary guide

16 December 2014

Congratulations on your newly qualified status! Now’s the time to assess your career options.

This guide offers information on how salary rates vary and where the opportunities are for career progression across a number of sectors, to help you decide which career path you may want to pursue.

Average salary rates by sector:

 

Corporate  

SME  

Interim rates (per day)

Property

£45,000-£50,000

£35,000-£45,000

£200-£250

Energy

£45,000-£50,000

£40,000-£45,000

£200-£275

Technology

£45,000-£51,000

£44,000-£48,000

£200-£250

Media

£42,000-£49,000

£38,000-£42,000

£200-£270

Retail

£38,000-£45,000

£37,000-£41,500

£200-£260

Financial services

£48,000-£58,000

£45,000-£50,000

£225-£300

Legal

£45,000-£48,000

£40,000-£45,000

£200-£250

FMCG

£42,000-£48,000

£38,000-£45,000

£200-£250

 

 

Property/real estate

Among signs of stronger economic growth for both the US and global economy, investors are anticipating a possible decreasing of the US Fed quantitative easing policy, which is predicted to result in an increase in interest rates. The consequence for global real estate is that demand for higher yielding strategies will continue to strengthen, with investor confidence starting to return to pre 2008 levels.

In the UK, economic growth forecasts are also increasingly optimistic with predictions for 2014 ranging between 2.2% - 2.4%. The governments "help to buy" scheme is pushing recovery within the residential property sector, while the commercial property sector is benefiting from opportunities utilising yield compression strategies.

The above environment presents attractive career opportunities for newly qualified CIMA candidates, and as such remains highly competitive.

Average starting salaries are around the £45 - £50k mark. The bonus potential is increasing in line with company performance, making overall prospective packages very attractive.

Due to the growth environment, there is particularly strong demand for commercially minded accountants with strong business acumen and communication skills who are able to transform data in a way to identify trends and opportunities to support the business strategy.
 

Energy    

The Department of Energy and Climate Change (DECC) recently announced a record package of investments designed to ensure the UK meets its 30% renewable energy target by 2020 and provide certainty to investors, particularly enhancing financial support to offshore wind farms. The continued developments to the UK Energy Bill also aim to attract investment to transform the UK electricity market.

The evolution of the shale gas industry is also expected to have an economic impact on gas markets across Europe, where exploration is under way in a number of countries including the UK.

Though the mining sector has been relatively flat in 2013 and is predicted to remain at similar levels in 2014, recent changes of ownership at three of the four largest miners as well as continued weakening within emerging market currencies are expected to bring positive changes. China and Europe are also showing some promising signals for the demand-side of mining, though commodity prices remain an uncertainty.

Newly qualified CIMA candidates wishing to enter the energy industry can expect an interesting career path, which will equip them with a variety of valuable and unique technical experience.

Salary levels vary significantly depending on company size as well as relative position and maturity within the particular market, though tend to average out at the £45k mark. Bonuses and benefits for this industry are generally above average, though individual company performances can differ significantly.
 

Technology and telecoms    

In the technology and telecoms industry employer demand is generally greater for candidates with specific industry experience, rather then there being direct demand for newly qualified CIMA candidates.

Salaries vary in this sector - typically ranging between £40k to £50k, depending on the size and turnover of the company.

Generally speaking salaries tend to be right on the average level in terms of basic salary, with other incentives on offer as part of the compensation package. With an increasing population of start-ups in tech-city, and London generally, the IT market looks set for increased opportunity over the next few years.
 

Media

Media is a very attractive industry for CIMA qualified candidates owing to the creative working environment and other perks on offer.

Many candidates are enticed to work for high profile brands or clients with a tangible product.

Salaries are generally lower than average – ranging between £36k to £45k – due to the high demand for jobs in this sector.
 

Retail

Retail is also an attractive, in-demand sector for newly qualified CIMA candidates with many opting to work for the high profile luxury brands. As brands and companies move to do more business online, experience in e-commerce, direct marketing, mail-order and campaign marketing analysis has become sought after.

With retail being such a competitive market, gaining industry experience can take precedence over the actual role, with candidates typically being more flexible to get their ‘foot in the door’.

For those candidates moving into the retail industry marketing and retail analyst roles are usually the preferred jobs.
 

Legal and consultancy

Within legal and consultancy a lot of the Magic and Silver Circle firms generally favour experience over qualifications. Although there is still demand for newly qualified CIMA candidates in this industry.

Opportunities are more likely to be found at the bigger law firms and consultancy businesses. Candidates can expect base salaries to be around £45k.
 

FMCG

This is another in-demand market for newly qualified CIMA candidates, attracted by the high profile consumer goods brands. With the high level of competition clients expect exceptional candidates within the FMCG sector.

Opportunities within this sector tend to be more commercially biased roles, offering candidates the opportunity to partner with key stakeholders to support commercial decision-making and gain exposure across the business.

Salaries are typically higher than average in the FMCG sector.
 

Charities & not for profit

Although salary levels tend to be lower in the not for profit sector, candidates are attracted by the work-life balance and generous non-monetary benefits on offer by many organisations.

There are numerous opportunities for CIMA newly qualified accountants in the following public sector markets: charities, arts & heritage, membership bodies, education, housing and the NHS.

Such benefits often include flexible working hours, extended annual leave allowance and a more relaxed working environment.

Those candidates looking to move into the charity sector will also benefit from the opportunity for a more rewarding and fulfilling career which is often a big draw.
 

What’s next?

To further assist you with your career decision we’ve also created a ‘next steps’ career guide.

At Morgan Hunt, our finance team has years of specialist expertise in recruiting newly qualified CIMA candidates. We work on a personal, consultative basis to help you develop and progress your career within your industry of choice.

Contact us today for more information – call Sam Vorley on 0207 419 8909 or email us

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