It’s that time again! You and your team are likely busy setting and approving budgets for 2015. A key part of that: compensation.
And just in time the folks at Robert Half International have just come out with their 2015 Salary Guide for Accounting and Finance professionals.
They’ve even broken it down by company size to give you a more apples-to-apples comparison.
As you look at your own organization’s budget plans, check out how your peers will be paying their finance staffers this coming year.
Expect to open your wallet wider
Chalk it up to the improving economy or increased business confidence – or both. But across the board in Finance companies will be granting larger salary increases than they have in recent years.
But they’re not giving the store away either.
Regardless of company size or job function, finance pros will see a boost between 3%-4%.
Now, for more specific data you can use to benchmark your own company’s numbers, find your company size for a breakdown by job title.
If you’re a small company (up to $25 million in sales)
Payroll managers will come out the big winner in smaller firms next year. They’re slated for the largest bump in salaries of the bunch.
Check out the percentage increases in salary, by finance function:
- A/P or A/R manager: 3.4%
- A/P or A/R clerk: 3.2%
- Payroll manager/supervisor: 3.6%
- Payroll clerk: 3.2%
- Credit manager/supervisor: 3.2%
- Assistant credit manager: 3.2%, and
- Credit/collections clerk: 3.1%.
If you’re a mid-size company ($25-$250 million in sales)
The entire Payroll function will have a happy new year in mid-sized companies if you follow the trend – both the supervisory and clerk level will receive the largest increases.
- A/P or A/R manager: 3.3%
- A/P or A/R clerk: 3.3%
- Payroll manager/supervisor: 3.7%
- Payroll clerk: 3.6%
- Credit manager/supervisor: 3.3%
- Assistant credit manager: 3.3%, and
- Credit/collections clerk: 3.0%.
If you’re a large company (more than $250 million in sales)
Once again, it’s the person in charge of your paychecks who will enjoy the greatest gains in the largest-of-the-large organizations:
- A/P or A/R manager: 3.4%
- A/P or A/R clerk: 3.5%
- Payroll manager/supervisor: 3.8%
- Payroll coordinator/administrator: 3.4%
- Payroll clerk: 3.5%
- Credit manager/supervisor: 3.5%
- Assistant credit manager: 3.4%
- Credit/collections analyst: 3.3%, and
- Credit/collections clerk: 3.3%.
Can’t afford to give these types of increases? Not everyone can.
You have a few options to keep morale from taking a hit:
- See if you can shift to more of a variable compensation structure so finance staffers have the chance to directly earn additional money, based on the goals they meet.
- Consider quantifying the value of the benefits your company offers its employees. Seeing in dollars and cents what your health insurance, etc., saves them could be a real eye-opener.