07 January 2008
• A quarter of finance workers surveyed by CIMA, in partnership with Robert Half Finance & Accounting, rated flexible working arrangements as the most important element in their remuneration package.
• More than one quarter of the finance professionals surveyed work longer hours than just two years ago.
• 84 per cent of CIMA finance professionals surveyed are satisfied with their current salary and benefits packages.
According to research released today [7 January 2008] by specialist financial recruitment firm Robert Half Finance & Accounting and the Chartered Institute of Management Accountants (CIMA), finance professionals are working longer hours yet are looking for more flexibility.
The CIMA/Robert Half Finance & Accounting Salary Survey 2008 was carried out online by an independent market research company during August and September 2007. In total 1935 CIMA finance professionals responded to the survey.
Whilst 84 per cent of the CIMA finance professionals surveyed stated that they are satisfied with their existing salary and benefits packages, almost a quarter (23 per cent) cited the option of flexible working arrangements as an extremely important element of a remuneration package. Only 37 per cent of these CIMA professionals are currently given the option of flexible hours by their current employer.
The survey clearly reveals that the longer working hours culture is still very much in existence for CIMA finance professionals across the UK today. More than half (51 per cent) of CIMA professionals surveyed said they work between 41 and 50 hours per week, 30 per cent work between 35 and 40 hours and just 4 per cent work less than 35 hours. A typical working week for a qualified CIMA professional is 44 hours per week.
More than one quarter (28 per cent) of the survey respondents stated that they work longer hours today than they did two years ago. This was attributed to taking on more responsibility and with it more pressure, according to 71 per cent of survey respondents. Over half (58 per cent) of those polled said they are working longer hours because their roles have changed. Nearly one-third (32 per cent) blamed understaffing for the increased hours, while 23 per cent cited company culture as the reason for more time spent on the job.
Phil Sheridan, UK Managing Director, Robert Half Finance & Accounting, said:
“Working too many hours ultimately undermines a team’s productivity and can lead to higher turnover amongst finance staff. As a result, businesses risk losing good people. Today’s finance professionals are looking for flexible working arrangements and may look for career opportunities elsewhere to achieve greater work/life balance.”
Rick Sturge, CIMA Director of Employer and Strategic Development, commented:
“Work/life balance is becoming increasingly important for today’s professionals, and it is obvious that employers need to adjust their benefits packages to respond to this trend. As CIMA members are in such great demand, it is important for employers to offer a good all round package – not just financial, but work/life - to recruit and retain top performing staff.”
Other benefits that rated highly in importance for CIMA professionals include extra holidays and working from home, which were each cited by 14 per cent of all respondents.
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For further information contact:
Annette Heninger
CIMA Press Office
020 8849 2427
annette.heninger@cimaglobal.com
Nicolette Snowden
Robert Half Press Office
020 7331 2227
nicolette.snowden@rhi.net
About Robert Half Finance & Accounting
Robert Half Finance & Accounting is the world’s first and largest recruitment consultancy, specialising in the placement of accounting and finance professionals on a temporary and permanent basis. With more than 350 locations in North America, Europe and the Asia-Pacific region, the company provides a complete financial and banking recruitment service at all levels – from clerical and trainee accountants to Finance Directors. Because it is a division of Robert Half, it is highly specialised in the fields of accounting and finance, and can locate and deliver the most qualified candidates for businesses. For more information about Robert Half Finance & Accounting please visit: www.roberthalf.co.uk
About CIMA
CIMA (the Chartered Institute of Management Accountants) is the only international accountancy body with a sole focus on business. It is a world leading professional institute that offers an internationally recognised qualification in management accountancy, focusing on accounting in business, in both the private and public sectors. It is the voice of over 158,000 students and members in 161 countries and is responsible for the education and training of management accountants who work in industry, commerce and not-for-profit and has more members in the public sector than any other UK based body. CIMA is committed to upholding the highest ethical and professional standards of members and students, and to maintaining public confidence in management accountancy. For more information about CIMA, please visit: www.cimaglobal.com
