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June 20, 2010

Rise in counter-offers for UK accountants

Five out of 10 UK accountants are being made
counter-offers when they hand in resignations, with employers
offering up to a 20% pay rise to keep accountants in their current
job.

Financial recruiter WH Mark Sattin said
accountants in banking, media, entertainment and energy are among
those receiving the most counter-offers. Public sector accountants
are seeing the least.

In London, 70 percent or resigning accountants
are being given counter offers. Just 10 percent of London
accountants were given counter offers in 2009 and 50 percent in
2008.

WH Marks Sattin managing director Dave Way
said counter-offers are being made most frequently to accountants
with two or three years’ experience post-qualification. 

“The top 10 firms are seeing some of their
best people leave for the Big Four. Having said that, the biggest
salary increases are being offered in retail and investment banks,”
Way said.

The recruiter said counter-offers are a costly
way of talent management seeing as 75% of employees who accept a
counter-offer leave the company within a year.

The WH Marks Sattin report is based on 4,500
placements made during the past three years

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