Payroll: Salary versus Skill Set

After working late in the office last week and making the tube journey home I decided to skip dinner and put on a film.

The film of choice was a 1980’s classic and in my opinion a cracker....ladies and gentlemen “Wall Street”.

People have their views on this film some good and some bad but for a young man in his late teens and early twenties working in Accounts & Payroll this film got me chomping at the bit for a full day’s work! The one liners used by the loveable rogue Gordon Ghekko still run through my veins today (joke) but I’m now in my late thirties and times have changed.

However what I took away with me this time though was a quote “The most valuable commodity I know of is information”.

And I really want to use this quote in relation to salaries that Payroll Professionals are currently earning compared to the skill sets and experience clients are seeking?

Now it’s always exciting picking up a new role after weeks of calling, chasing a lead and a face a face meeting but when you finally get to the end of the brief the last hurdle is salary.

Payroll has changed! The demands and expectations of a Payroll Professional have clearly moved on and whether you sit under Finance or HR the key words on the street are: EMEA, Global, Compensation and Benefits. If you have been ahead of the game for sometime these skills plus many others will now firmly be on your CV but the question I ask is........has your salary altered that much?

Take it from me I have been shocked to hear what some of my candidates are currently earning and at my level these individuals are also my clients.

Historically industries such as Financial Services or Professional Services were seen to offer the best salary and benefits packages and then Retail or Third Sector were less, but in my opinion this is not the case and in some of my recent placements is has been the reverse.

A payroll professional with EMEA, Compensation and Benefits experience should know what they are worth? You do this by engaging in the right consultancy that works for your best interests and then consults with the client to get the right salary and benefits package. You should also look at roles that are being advertised on credible job boards and make notes of when you saw the advert, the skills required, industry, location and finally salary. Collate this information and then go fully armed to your consultancy or Line Manager and have the confidence to fight for your earning potential.

Clients want the right skill set and experience right? So they need to pay for it AND as a candidate you need to have the confidence that your Recruitment Agency/Consultancy will fight on your behalf to get what you deserve and not go with the first offer that is put on the table especially if it’s not paying what you agreed before your CV was submitted.

Information is King! It should give you confidence that you are doing the right thing and in return make you proud of your current or new employer and chosen profession.

I hope this article if of use and if you need any advice on how to approach this issue please call me directly on 02073377608 for a confidential chat, I will be more than happy to help.

 John O’Brien, Practice Lead Payroll