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Skyrocketing Salaries at the Staff/Senior Level: How to Get Past the Sticker Shock

Skyrocketing Salaries at the Staff/Senior Level: How to Get Past the Sticker Shock

Skyrocketing Salaries at the Staff/Senior Level: How to Get Past the Sticker Shock

Salaries for staff and senior-level finance and accounting roles are on the rise. As a result, many companies are facing budgetary challenges.

Average Salaries for Accounting and Finance Professionals

The following statistics from the U.S. Bureau of Labor Statistics (BLS) illustrate the increasing salaries of finance and accounting professionals:

  • The median annual wage for an Accountant in May 2023 was $79,880 per year.
  • The median annual wage for financial and investment analysts in May 2023 was $99,010. The lowest 10% earned less than $60,830, and the highest 10% earned over $175,840.

Strategies to Manage Skyrocketing Salaries

Fortunately, there are strategies to manage skyrocketing salaries at the staff and senior level without compromising quality. UNITY’s strategic consultative approach can help you attract and retain top finance and accounting talent despite the financial pressures.

Offer Bonuses Rather Than Salary Increases

Small bonuses help finance and accounting professionals absorb the rising costs of inflation. Although these one-time expenses impact the bottom line, they are less costly than salary increases. Because the bonuses do not have to be accounted for in the following year, they further benefit your budget.

Differentiated Pay Increases

Differentiated pay increases treat lower-paid staff and higher-paid senior-level employees differently. For instance, lower-paid finance and accounting staff might be awarded more significant salary increases than senior-level employees. Or, the salary increases for lower- and higher-paid professionals might be the same, with lower-paid staff receiving higher bonuses.

Flexible Benefits Package

Consider allowing finance and accounting professionals to choose additional benefits rather than receive a bonus or salary increase. These benefits might include additional paid time off (PTO), a health savings account (HSA), childcare assistance, or pet insurance.

Upskilling and Reskilling Rewards

Reward employees for developing their skill sets to enhance performance or cross-train for vacant roles. Employees benefit from increased income and career growth while filling open roles.

Do You Need to Hire Finance and Accounting Professionals?

UNITY can help you find the right fit for your accounting and finance team and budget. Connect with us to learn more today.