Picture this…
You’re a fresh-faced graduate who’s just completed a relevant accounting degree. Hot off the heels of graduation, you’re now ready to put what you’ve learnt to the test and enter the professional workforce.
You jump onto LinkedIn and begin searching for job listings, only to find that the majority of jobs include vague salary information. Or even worse… no salary information whatsoever.
Does this sound familiar? Sadly, it’s an all-too-common scene here in the UK.
According to a recent survey by Mercer International Inc., only 17%of UK employers clearly advertise salary on their job listings.
But change could be on the horizon.
48% of those surveyed by Mercer International Inc.are planning to include salary ranges in job ads within the next two years.
Why the shift?
Partly, it’s due to the EU’s upcoming Pay Transparency Directive in 2026, which aims to narrow the gender pay gap by requiring salary disclosure.
But there’s more to it…
Gen Z is fundamentally changing workplace expectations around pay. And here at Public Practice Recruitment Ltd, we couldn’t be happier about it.
So, how will public practice be impacted by the increase of salary transparency?
What should firms be doing to attract and retain the next generation of accounting talent?
Let’s talk about it.
A Future Built on Trust
Gen Z has grown up in a world of access.
With a quick Google search, they can discover anything about anything – from company reviews to average industry salaries. It’s no surprise they expect the same level of openness when it comes to salary information during the recruitment process.
Salary transparency isn’t just a nice-to-have. It’s a deal-breaker and a huge deciding factor for a Gen Z candidate.
For Gen Z accountants, salary transparency shows trustworthiness, openness and a commitment to fair pay practices. If a company won’t disclose salaries, it often suggests that they have something to hide. And that’s a huge red flag for a generation that values honesty above all.
In fact, Adobe’s Future Workforce Study 2023found that 85% of Gen Z workers were “less likely” to apply for a job if the salary range wasn’t listed in the application.
Considering Gen Z will account for around 30% of the global workforce by 2030, firms can’t afford to ignore these statistics.
“It seems like a really positive thing for employers to be doing,”says Lucy Brown, a DEI and pay equity consulting leader at Mercer. “Employees who say they’re fairly paid are twice as likely to say they understand why they’re paid what they’re paid.”
A Competitive Edge in a Tight Labour Market
Historically, accountancy firms have shied away from salary transparency, fearing it might lead to dissatisfaction or salary demands from current staff.
Recently, we’ve noticed a trend of disconnection between firms and candidates.Hiring managers are demanding that candidates have years of experience but are offering low compensation, including below-average wages and outdated perks.
Yet, studies show that transparent salaries can increase trust and even drive productivity, as employees who know they are compensated fairly may feel more valued.
The European Union’s 2026 Pay Transparency Directive, aiming to address pay inequities, underscores how crucial this shift will be across the continent. As the UK has no similar legislation, firms across the country should be inspired and have an opportunity to take the lead proactively.
More statistics from Mercer International Inc.reveal a more immediate reason for firms to act.
On average, employees in the UK who switched jobs received a 16.4% pay increase, compared to just 5.6% for those who stayed. Pay transparency may curb this trend, as employees who understand their salary structure are less likely to jump ship purely for a raise.
Not sure how your firm is missing the mark with your current recruitment strategy? These are some things you may need to consider…
Leveraging Gen Z Talent
We’ve spoken a lot about how public practice is evolving – from the domination of AI to the emergence of new data analytics technology.
And let’s face it…
Gen Z are the best people to handle these changes.
Tomorrow’s generation of accounting talent has grown up with technology. They’re quick to adopt new tools and techniques. Their aptitude for digital transformation can drive innovation within firms, making them more competitive within the public practice sector.
Plus, salary transparency is a great way for accountancy practices to confront the skills shortage head-on. As experienced accountants retire and client demand increases, the talent pool is stretched thin.
By making efforts to attract Gen Z talent, firms will gain staff who are ready to take on challenges, fill the boots of retired professionals and keep firms at the forefront.
The Numbers Don’t Lie
Embracing salary transparency is essential to attract and retain Gen Z talent and address the skills shortage plaguing public practice. With nearly half of young job seekers bypassing roles that don’t include salary information, firms need to consider whether they can afford to lose out on this dynamic talent pool.
Public practice faces a skills shortage that can’t be ignored, with firms struggling to fill roles with qualified professionals. By being upfront about salaries, firms demonstrate respect for candidates’ time and intentions, signalling a culture of fairness and openness.
This approach can make your firm a preferred choice for Gen Z accountants, who seek alignment between their values and their employers’ practices.
Not sure what salaries you should be aiming for? Need help recruiting Gen Z accountants and tapping into tomorrow’s talent?
At Public Practice Recruitment Ltd., we partner exclusively with progressive firms across the UK who understand that salary transparency is essential for attracting Gen Z and beyond. By drawing on our exclusive market knowledge, we help firms stand out in a competitive market and appeal to the next generation of accountants.
Together, we’ll ensure your firm is prepared to meet the expectations of Gen Z candidates.
Discover what that future looks like for your firm by getting in touch with our team today!
