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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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