We’ve all been there. The interview has gone swimmingly, you’re excited about the job, and then your interviewer asks what your salary expectations are. It feels as if an elephant has just entered the room.
A lot of candidates feel uncomfortable when discussing numbers and the finer details. Salary transparency is a subject that still holds an element of taboo, and some employees feel awkward and lack the confidence to ask for better pay in fear that it could damage relations with their employer.
While we understand why job seekers may feel this way, we constantly strive to remind candidates of their value in both a professional and personal sense.
So, how do you make sure you pitch yourself at the level you know you’re worth and come across well during the process?
Before pay negotiations begin, you must know your earning potential. Ballpark figures aren’t enough to simply throw around. To boost your income, you need to be aware of current market rates and what you deserve to be paid for your craft.
In today’s blog, we’ll explore the latest 2024 rates and recent data to give you a clear idea of the public practice salary economy, as well as some helpful strategies for negotiating pay like a pro!
Why the Money Matters
Let’s start by considering the interviewers’ strategy for even asking the salary question in the first place. Most likely they’ve been stung before and have fallen hook, line and sinker for a candidate before negotiations hit a brick wall and the firm’s budget couldn’t come anywhere near to the requested rate of pay.
They want to know if you’re a candidate that they should seriously be shortlisting and potentially inviting back for a second interview, so the fact that they’re asking the question is a good sign. It shows interest on their end and shows that you’re a candidate they’re taking seriously. See it as a confidence booster!
But before you start celebrating a potential offer, you need to be prepared for the pay-related questions.
As the largest agency recruiting exclusively into public practice across the UK, and with over 20 years’ experience of successfully doing so, we’ve seen time-and-time again that when someone is asked the question and they don’t have a prepared answer, they usually go in too low and regret it.
Our first piece of advice is to do your research, and there’s plenty of tools available to help you understand what might be a realistic but deserved figure or bracket to ask for.
Not sure what skills firms are looking for and how to acquire them? Enhance your employability by widening your technical knowledge.
Public Practice Salary Economy 2024
Despite the economic uncertainty of the last few years, things seem to be looking up.
REC’s latest Labour Market Tracker report considered that “even in a mild recession, hiring activity did not fall in the way it might have in the past.”
The report revealed there were more than 1.7m active job postings in the UK as of April 2024. While this is a 9.4% decline compared to March, the total number has stayed above 1.7m for the past two years, showing the resilience of demand.
Click here to read the full report.
So, what about public practice? Recent data from ACCA finds that “60% of finance employers plan to recruit over the next year”.
The study also examines current salary brackets and has found that, on average, “finance professionals’ pay rose by an average of 5.6% in 2023, which is above the overall average increase of 3.5% across the UK.” Out of those roles within public practice, “payroll and treasury roles [both 6.8%] and accountancy support [6.5%] saw the highest pay increases.”
For those at a more junior level, firms are “beginning to increase these salaries in a bid to support and retain talent”. In fact, 25% of the public practice workforce is made up of entry-level staff who are reporting “higher average increases than any other level of professional, taking home a 5.8% increase on average.”
Click here to read the full report.
So, with all of that in mind, how can you find out exactly what you should be being paid for your skillset? Keep reading!
Our Tips for Securing the Right Salary
- Find out your title’s salary bracket. We always advertise a salary range on our jobs, but we appreciate this can be quite wide. Within the advertised bracket, consider what range would make the job a realistic option for you.
- Look at the firm’s website and see what they are offering for roles above, below and at your level. This will give you an idea of their budget and salary scale. If they’re offering competitive salaries, this is a good sign that they’ll be able to meet your expectations.
- Consider additional employee benefits offered by the firm you’re applying for. These perks could include health insurance, full study support, or even an annual bonus, which may make you consider a lower salary. Weigh up in your mind what’s more important to you – to work for a firm that shows commitment to its staff by offering great employee benefits, or a firm that doesn’t but offers a higher salary.
- Chat to trusted colleagues in your profession and friends to get a feel for what the going rate is.
- Seek advice from recruitment experts within public practice. Here at Public Practice Recruitment Ltd, our market position gives us exclusive insight into salary expectations, so we can accurately advise you on exactly how much you should be earning.
Above all, the best advice for navigating salary is to really consider the figure that would make you happy and valued in your job. See the interview as an opportunity to sell yourself, so mention any specific reasons why you think what you have to offer is worth the money. Maybe you’re well connected and can win new business for the firm? Or perhaps you have a unique qualification or skill that makes you stand out from the crowd?
Settle for too low and you’ll start to resent the role very quickly and be on the lookout to move again. But aim too high and you risk not being considered for the role. It’s about finding the balanced and justified figure.
Think it’s time to improve your interview game? Hone your body language skills to secure the best opportunities.
We appreciate that approaching the subject of salary can feel a little uncomfortable. However, it’s important that candidates value themselves at every step of the recruitment process. Set your pay expectations by investing time into conducting research and it’s likely you’ll reap rewards further down the line.
And most importantly, don’t forget your worth! You have a lot to offer a firm, so make sure you’re well prepared for interviews so you can show potential employers how valuable you are.
Need help understanding what salaries you should be aiming for?
Here at Public Practice Recruitment Ltd, we use our extensive UK-wide network to secure the best opportunities for our candidates. Our team will value you at every step of the recruitment process and will help negotiate salaries on your behalf to reach an agreement that benefits everyone involved.
