Accountancy bonus pot increases to record £2.4 billion
The accountancy bonus pot has reached a record high, increasing by £200 million to £2.4 billion in 2015/2016 since the 2014/2015 financial year, according to financial recruitment company Marks Sattin.
Figures showed an increase of £800 million since 2009/2010, when the overall bonus pot stood at £1.6 billion.
Bonuses now make up a larger proportion of an accountant’s salary, with figures showing that the average individual bonus for accountants has reached its highest since 2011/2012.
The average bonus increased to 20 per cent of basic salary for 2015/2016, up from 16 per cent of basic salary in 2014/2015.
Whilst the average accountant’s basic salary has dropped by 3 per cent, decreasing from £67,080 in 2015 to £65,010, the total earnings, which is the basic salary and the bonus combined, has increased to £78,010 this year from £77,820 in 2015.
Marks Sattin Managing Director Matthew Wilcox said that macroeconomic factors, such as the imminent EU referendum, have resulted in 2016 being an uncertain time for business and that “the outlook beyond the 23rd June remains a major question mark.”
Wilcox added that employers in the accountancy sector are not willing to risk their most talented employees when significant changes to global economic conditions are likely to occur.
Commenting on the figures, he stated that bonuses have grown in size since the recession and that employers are “eager to ensure their key employees continue to feel valued and don’t see this strong upward trend in remuneration slip.”