Tysons Corner, VA (Profitable.com) Virginia Heritage Bank (OTCBB: VGBK), announced…
JACKSONVILLE, Fla. (Profitable.com) Accounting Principals, a leading accounting and finance staffing provider, today announced its 2011 Salary Guide, the latest and most comprehensive resource to date on the current compensation trends of finance and accounting professionals across small, medium and large businesses in the U.S. This annual salary tool is a compilation of nationally-collected data, and reflects trends seen locally across Accounting Principals’ network of more than 80 branches around the country.
New in the 2011 Salary Guide, Ron Insana, CNBC senior analyst and commentator, offers his insights for rebuilding confidence by looking beyond the hype and taking note of the strong economic growth indicators that already exist today.
Decoding the Salary Guide
The 2011 Salary Guide offers a complete look at the salaries of more than 140 finance and accounting job titles, including base salary and total cash compensation figures. Salary data are also broken down by company size, ranging from those with less than $50 million to more than $200 million in annual sales. In addition, national multipliers, calculated based on salary averages in each metro area, help determine a localized, more accurate compensation figure in each market.
Shifting Gears to Hiring and Retention
While a tightened, efficient workforce was the motto of the recession, in a recovery period issues of hiring and retention will become a focal point for employers. A survey of more than 600 accounting and finance business leaders conducted jointly with the Institute of Management Accountants sheds light on companies’ hiring and retention practices today:
- Employers rely heavily on job board postings and recruitment agencies to source their top talent today, with more than half of respondents claiming they utilize one of those channels. Only 13 percent reported hiring through employee referrals.
- Many companies recognize existing retention issues, citing job burnout (19 percent), lack of professional development (17 percent) and compensation (17 percent) as the top reasons for employees leaving the company.
- However, not all employers have a clear direction in terms of addressing the issue. While more than a third (35 percent) of companies plan to increase their attention on retention, a significant fraction of organizations plan to keep their policy unchanged (25 percent) or don’t know what their course will be (33 percent).
- Moreover, an overwhelming proportion of respondents admitted they rarely (46 percent) or never (28 percent) collaborate with the human resources department on retention policies, a critical piece of the puzzle in understanding and motivating the workforce.
“As economic recovery progresses, accounting and finance positions are poised to show robust job growth across the nation,” said John Marshall, president of Accounting Principals. “By offering competitive compensation packages, companies can attract and retain the best and brightest talent to help build and maintain a workforce that can help navigate the regulatory changes that will affect all organizations and lead the way to a healthier, more successful business.”
2011 Salary Guide Methodology
The 2011 Salary Guide incorporates data collected from the nationwide branch network of Accounting Principals. Salary figures reflect national averages based on job description and size of company (less than $50 million in revenues, $50 – $200 million in revenues, or more than $200 million in revenues). The data also indicate base salary and total cash compensation for each job title.
About Accounting Principals
Accounting Principals is a leader in the recruitment and placement of accounting and finance professionals, offering a complete range of workforce solutions in accounting, finance, mortgage and banking. Our nationwide branch network consists of experienced professionals that average five years of real-world accounting experience plus more than five years of finance and accounting recruitment experience. In addition to providing clients with a combination of temporary staffing, temp-to-hire and direct placement services, Accounting Principles also helps clients overcome their challenges through an in-depth understanding of their business needs. For more information, please visit www.accountingprincipals.com.