Fri, 1 July 2012

Most finance directors in the UK expect to move to another company in the next two years, with the increasing and diverse workload given to finance departments putting extra stress on their teams.

This is according to a survey of over 500 UK finance directors from recruiter Michael Page Finance and accounting and finance jobs board GAAPWeb.

Overall, 61% of respondents were expecting to move in the next two years, with 20% definitely ruling it out and 19% unsure. Compensation was the most commonly given reason for seeking a new move, but was still only seen as a factor in the decision for 21% of respondents.

Peter Istead, managing director of Michael Page Finance, says: “Finance departments are increasingly being brought in to manage and reduce business costs and risk across an organisation.

“They are therefore required to be more versatile in today’s market,” he adds, saying that in some smaller companies, this includes taking on responsibility for HR and procurement issues.

“With the removal of many layers of middle management, organisations are reducing promotion opportunities for their key staff; combining this with increased workloads and little growth in salary and bonuses can be a dangerous mix.”

The financial directors questioned were also largely prepared to move for their ideal job – 16% regionally, 13% nationally, 47% on an international level.

It also shows that management accounting is predicted to be the most important skill in the year ahead, according to 24% of those surveyed, followed by treasury/cash management (17%), risk (15%) and reporting (14%).