Staff working in finance and accounts departments saw the real value of their take-home pay fall as inflation outstripped increases in salaries over the past year, according to data collected by salary survey specialists Celre for XpertHR JobPricing.
With the early effects of the recession being felt in businesses across the country, the pay of a matched sample of employees – those whose data appeared in consecutive years’ surveys – rose at the lowest rate in at least five years.
However, the survey reveals that those at the very top of the hierarchy suffered least, with finance directors seeing their pay and bonuses rise by an average of 9%, taking their basic salary plus bonus to an average £188,599.
Celre data also reveals that the gender pay gap is widest at the top of the profession, with women in finance director roles earning, on average, just 90.9% of the rates paid to men.
Celre collects details of pay rates and employee benefits. The following figures are taken from the Celre Salary Survey of Financial Staff 2008-09, for XpertHR JobPricing.
Data was collected on 7,039 finance staff in 89 public and private sector organisations.
In the 12 months to 1 September 2008, finance and accounts staff saw:
- Basic pay rise by an average of 4.7%
- Basic pay plus bonus rise by 4.3%
- Retail price index inflation rise by 5%.