We have just published a report exploring how the events of 2020 impacted the lives and livelihoods of finance and accountancy professionals. Download GAAPweb’s Audience Insight Report today to find out more about your profession and benchmark your salary.
At the start of 2021, GAAPweb surveyed over 1,000 finance and accountancy professionals to analyse the impact that the COVID-19 pandemic has had on the profession. Our audience has faced considerable challenges over the last 16 months, yet respondents demonstrated resilience and showcased their indispensability during an unprecedented year of change.
The pandemic had a notable impact on salaries, bonuses and benefits across the profession, with significantly reduced rewards offered by employers as a result of COVID related losses. Despite this, our survey found that those who were fortunate enough to receive a pay rise typically received a higher increase than the previous year. This demonstrates that, where possible, employers are eager to reward their employees' hard work and efforts over a challenging 12 months.
Travel restrictions caused a drop in respondents’ willingness to relocate, with fewer considering moving elsewhere for career opportunities this year. Bucking this trend, London and the South West saw an increase in those willing to relocate for the right career opportunity. This could be attributed to the fact that London has reclaimed its position as the highest paid location, following several years of declining pay. Increases in pay were also experienced in the South East and South West.
Despite major changes to living and working arrangements, the GAAPweb audience remained steady, with over half of respondents agreeing that their working hours have stayed the same. Similarly, attitudes towards job security and job market confidence have been largely unaffected, with 69% of respondents feeling secure in their current role and 68% agreeing that the pandemic did not discourage them from applying for new roles. This positive outlook may be due to the fact that only a very small minority of respondents were made redundant during 2020 and just 14% were placed on the government furlough scheme.
Another key theme from this year’s survey concerned the gender and ethnicity pay gaps. Responses revealed that some progress has been made towards achieving gender parity, with the gender pay gap closing by 3%. Additionally, female representation is greater than that of males in over half of the surveyed job titles. Significantly, the ethnicity pay gap dropped from 24% to 8% during 2020.
Download GAAPweb’s 2021 Audience Insight Report for more insight into the finance and accountancy profession.