Salary increases are being seen across the board
We have seen a lot of positive changes within the CA market recently, and the majority of larger firms have now substantially increased their salary bandings. Big 4 firms have historically offered the lowest salaries while smaller firms have offered the highest. These days, however, salaries are much more competitive and closely aligned than ever. From speaking to a large volume of candidates recently, we know that there has been a huge surge in salary increases across the board. The question is, though, is a salary increase right for you?
For most employees, a salary increase will immediately impact their happiness and job satisfaction, particularly those highly motivated by money, but is it a great long-term solution?
Moving to smaller firms
We speak to a large volume of candidates working within the Big 4 that consider moving to mid-tier firms. The three main reasons that people look to make the move are to:
- Earn a higher salary
- Reduce the number of hours they work and improve their work-life balance
- Gain access to better opportunities to progress faster
People in this situation may now think twice about moving for monetary reasons but staying where they are won’t have any effect on improving their work-life balance or career growth.
It is also worth noting that candidates coming from the Big 4 will always have that experience on their resumés which will continue to be an advantage when looking at new opportunities in the future.
Moving to larger firms
We also speak to a large number of candidates that have been working within smaller firms for long periods. Their salaries have increased year upon year, but they eventually reach a point where there is no room for them to progress further within the firm. People are left considering moving to a more prominent firm where they will have more opportunities to improve their career growth. The problem is that their salary has now increased to a point where they will need to factor in taking a pay cut to progress further.
People in this situation need to decide whether taking a temporary pay cut now is the right move to help them to progress their career further and earn a higher salary in the long term. With salaries increasing, it also means that the difference won’t be as high as it has been in the past.
Moving to commercial
Many candidates working within medium-sized firms have long-term goals of moving into the commercial space. The competition is so high that many experienced professionals are looking to move into the industry. We know from experience that candidates with 1-3 years of Big 4 experience are far more likely to succeed in being considered for these roles. With the Big 4 now offering much higher salaries than ever before, people can look at making a move without taking as big of a cut in their pay.
We recently released our new Public Practice Salary Guide for 2022-2023. If you’d like a copy or want advice on achieving your future career goals, I’d be happy to discuss the best options.
The market has never been hotter than it is, so feels free to get in touch today!
Chris Jones | 09 930 8521 | firstname.lastname@example.org
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