Accounting Principals releases 2020 salary guide
Accounting Principals, a staffing and recruitment agency that works with accounting and financial professionals, published its 2020 Salary Guide on Tuesday.
The annual guide includes information on national, regional and local salary data along with total cash compensation figures, plus up-to-date, detailed job descriptions for the most sought-after accounting and finance positions to help employers put together their own job descriptions to match the current labor market demands.
Last week, the U.S. Bureau of Labor Statistics reported that the total U.S. unemployment rate fell to 3.5 percent in September, the lowest rate in 50 years. For the financial activities industry, the unemployment rate was even lower, only 3 percent last month.
According to BLS research, the guide noted, the average annual wages for accounting and finance professionals in the top industries are:
• Finance and insurance: $74,690
• Management of companies and enterprises: $73,180
• Accounting, tax preparation, bookkeeping and payroll services: $70,640
• Government: $68,420
“As we enter 2020, we face the reality of a record-low unemployment rate compounded by an already competitive labor market for accounting and finance professionals,” said Accounting Principals president David Alexander in a statement. “Candidates understand they’re in demand, which drives them to expect more from their future or current employers. Our 2020 Salary Guide is a valuable tool that helps employers understand the current talent landscape — and the salary situation — in order to hire and retain these coveted professionals.”
Along with current salary figures, the 2020 Salary Guide includes tips for retaining top talent and why effective retention strategies are more important than ever; benefits that employees value most, strategies for recruiting passive candidates in a tight labor market, and creating a competitive advantage by closing the gender wage gap.
The guide points out that the average cost of replacing an employee is a little over 20 percent of their annual salary, so turnover can cost millions of dollars for some companies. If companies don’t get the salary right, they will miss opportunities to attract qualified candidates. They need to make sure they offer work-life balance, community involvement opportunities, flex time and/or telecommuting options, competitive employee benefits, and professional development options.
The 2020 Salary Guide can be downloaded here.