In an extremely candidate-constrained market, independent firms in East Anglia have had to 'raise the game' with their benefits offerings over the last few years, to ensure they are continuing to attract the right staff to grow their practices and compete against the Big Four's strong and flexible packages.
August 20, 2008 (PRESSbooth.ORG) -- Benefits are standard across tvely small, tax specialists enjoy a varied workload and challenge but with shorter hours and a healthier work/life balance than in manhe Big Four nationwide according to level, so offerings such as car allowances, healthcare and life assurance are the same whether working at the Big Four in London or Norwich. The smaller firms across East Anglia, in particular in towns where they compete with the Big Four/top 10 for candidates, are becoming tangibly competitive in relation to benefits.
The strong independents are increasingly offering a basic salary plus a raft of benefits that include company cars for manager level and above, a matched pension scheme for all after a probationary period, healthcare for the employee and their family and life assurance policies. A few firms do offer bonuses, but this is not commonplace within practice in East Anglia and usually at the firm's discretion, rather than a guaranteed benefit.
Independent firms are also realising changing work/life patterns and a number of practices are operating flexitime around compulsory core hours, as well as the option to work from home. This can, in many cases, be an even more flexible policy than within the Big Four, with firms across the board in East Anglia becoming increasingly accommodating of part-time hours and, in particular, working around childcare arrangements. In line with the flexible policies of the Big Four, independents are also beginning to operate salary sacrifice schemes to accommodate the vast array of benefits an employer can offer, giving the employee more choice around the makeup of their total reward according to their lifestyle.
Although inhouse opportunities in the region are few and far between, for those who manage to find a suitable role there are many benefits on offer. Due to the fact that many of the tax teams in the area are relatiy areas of the country. Monetary benefits are similar to those found elsewhere and would usually comprise a car allowance, contributory pension, bonus and private healthcare.
For more specific advice tailored to your circumstances please contact one of our consultants at Brewer Morris on 020 7415 2800.
Benefits range significantly from the large firms, which have a large number of options to choose from, to basic benefits in some independents. In the Big Four and most of the top 20 firms, benefits usually include pension, car allowance and other flexible benefits.
Pension benefit is generally split between employer and employee contributions, usually totalling around 10%, Most firms still have a car allowance, although usually only for managers and above. Generally speaking this is taken as cash, although cars are available in some circumstances. Larger firms all have flexible benefits packages, most of which involve a salary sacrifice scheme. These schemes allow you to add additional benefits that may include buying/selling holiday, dental care, eye care, health care for family members, travel insurance, carbon offsetting and childcare vouchers.
Finally, a new scheme that is being introduced in a number of work places is the 'nine-day fortnight'. This flexible working scheme allows individuals to take one day off every two weeks and can act as a real differentiator between firms.
The benefits of making a move in-house differ for many people and range from ensuring a better work/life balance to being able to get away from the dreaded time sheets. However, in addition to moving away from time sheets, many tax professionals enjoy being able to utilise their tax skills in a commercial environment, and to understand the work they do in a wider context without the pressure of marketing and sales are also important factors to be considered. The variety of work on offer in London in particular, combined with the buzz of working in the capital, also make it one of the most popular career choices on offer.
When you look at the tangible benefits on offer from in-house organisations and banking institutions, they are many and varied. At many levels a car allowance is standard as are bonuses, which - in the banking world - could even be as high as 200%. These typical benefits, combined with share options, pension contributions and the ever-important product discounts, are also important factors to consider.
The tax consultancy market in Northern Ireland consists of a number of strong and well-established Independent firms, boutique tax specialists and Big Four firms, situated mainly in Belfast and Londonderry. Due to the shortage of tax professionals In the area, and increasing demand for tax specialists, benefits packages can be surprisingly flexible.
Although bonuses and healthcare benefits are less common here than in the major firms, the independent firms will often allow employees to work non-core hours where necessary, and part-time employment is also a viable option - this is reflected in a more relaxed working culture in many practices, compared to that found in many of the high-octane environments associated with the UK's major financial centres.
Big Four firms in Belfast can provide benefits akin to those offered by their counterparts on the UK mainland, with a wide range of options available, particularly at manager level and higher. These can typically include free health checks, childcare vouchers (offering significant tax benefits), flexible working and attractive pension schemes with the potential to save 20% of base salary each year.
A significant additional benefit within the Big Four is the recent trend to pay bonuses to more senior staff. KPMG, in particular, often pays significant performance bonuses, with the other firms incentivising employees through various prizes and awards, often linked in to excellent performance on a specific project or assignment.
At trainee level, a typical benefits package would comprise a contributory pension scheme and sickness cover, and can include the option to redeem salary in exchange for additional holiday days. Of course the key benefit to any aspiring tax professional is the provision of study support for professional qualifications, and virtually all firms will offer this to trainees nowadays.
Many of the independent firms around Wales offer a standard benefits package of a stakeholder pension scheme, with employer contributions often kicking in at manager level, together with statutory sick pay and in some cases private healthcare. The major benefit to those considering a career in Wales, however, are the opportunities on offer for progression, and the genuine possibility of partnership at a relatively early stage of one's career. In Soufl) Wales, the Big Four and other major practices offer benefits packages in line with other offices around the country. Within the top 20 firms, these will often include private healthcare, sometimes available for all the family, flexible working arrangements and staff loans at reduced interest rates. Pension schemes will typically be of the matching contributions variety, sometimes allowing employees to save an additional 10% of salary on top of annual pay.
Packages within the Big Four, as ever, lead the way; although there are certain boutique firms, notably in Cardiff, that compete favourably with the global accountancy firms. Bonus schemes and car allowances are commonplace for those at manager level and above, together with various other incentives and services, which can often be overlooked. These can include the provision of employee helplines, ideal for sorting out health, insurance, legal or finance issues, and childcare vouchers, a highly tax-efficient means of paying for this increasingly expensive cost of family life.
Other key benefits (in the traditional sense) of life in Wales include the opportunity to work in beautiful settings, easily accessible from the major urban centres. In addition, for families where a strong education is high on the agenda, Wales benefits from a number of excellent schools, colleges and universities.
Contact:
Brewer Morris
020 7415 2800
The strong independents are increasingly offering a basic salary plus a raft of benefits that include company cars for manager level and above, a matched pension scheme for all after a probationary period, healthcare for the employee and their family and life assurance policies. A few firms do offer bonuses, but this is not commonplace within practice in East Anglia and usually at the firm's discretion, rather than a guaranteed benefit.
Independent firms are also realising changing work/life patterns and a number of practices are operating flexitime around compulsory core hours, as well as the option to work from home. This can, in many cases, be an even more flexible policy than within the Big Four, with firms across the board in East Anglia becoming increasingly accommodating of part-time hours and, in particular, working around childcare arrangements. In line with the flexible policies of the Big Four, independents are also beginning to operate salary sacrifice schemes to accommodate the vast array of benefits an employer can offer, giving the employee more choice around the makeup of their total reward according to their lifestyle.
Although inhouse opportunities in the region are few and far between, for those who manage to find a suitable role there are many benefits on offer. Due to the fact that many of the tax teams in the area are relatiy areas of the country. Monetary benefits are similar to those found elsewhere and would usually comprise a car allowance, contributory pension, bonus and private healthcare.
For more specific advice tailored to your circumstances please contact one of our consultants at Brewer Morris on 020 7415 2800.
Benefits range significantly from the large firms, which have a large number of options to choose from, to basic benefits in some independents. In the Big Four and most of the top 20 firms, benefits usually include pension, car allowance and other flexible benefits.
Pension benefit is generally split between employer and employee contributions, usually totalling around 10%, Most firms still have a car allowance, although usually only for managers and above. Generally speaking this is taken as cash, although cars are available in some circumstances. Larger firms all have flexible benefits packages, most of which involve a salary sacrifice scheme. These schemes allow you to add additional benefits that may include buying/selling holiday, dental care, eye care, health care for family members, travel insurance, carbon offsetting and childcare vouchers.
Finally, a new scheme that is being introduced in a number of work places is the 'nine-day fortnight'. This flexible working scheme allows individuals to take one day off every two weeks and can act as a real differentiator between firms.
The benefits of making a move in-house differ for many people and range from ensuring a better work/life balance to being able to get away from the dreaded time sheets. However, in addition to moving away from time sheets, many tax professionals enjoy being able to utilise their tax skills in a commercial environment, and to understand the work they do in a wider context without the pressure of marketing and sales are also important factors to be considered. The variety of work on offer in London in particular, combined with the buzz of working in the capital, also make it one of the most popular career choices on offer.
When you look at the tangible benefits on offer from in-house organisations and banking institutions, they are many and varied. At many levels a car allowance is standard as are bonuses, which - in the banking world - could even be as high as 200%. These typical benefits, combined with share options, pension contributions and the ever-important product discounts, are also important factors to consider.
The tax consultancy market in Northern Ireland consists of a number of strong and well-established Independent firms, boutique tax specialists and Big Four firms, situated mainly in Belfast and Londonderry. Due to the shortage of tax professionals In the area, and increasing demand for tax specialists, benefits packages can be surprisingly flexible.
Although bonuses and healthcare benefits are less common here than in the major firms, the independent firms will often allow employees to work non-core hours where necessary, and part-time employment is also a viable option - this is reflected in a more relaxed working culture in many practices, compared to that found in many of the high-octane environments associated with the UK's major financial centres.
Big Four firms in Belfast can provide benefits akin to those offered by their counterparts on the UK mainland, with a wide range of options available, particularly at manager level and higher. These can typically include free health checks, childcare vouchers (offering significant tax benefits), flexible working and attractive pension schemes with the potential to save 20% of base salary each year.
A significant additional benefit within the Big Four is the recent trend to pay bonuses to more senior staff. KPMG, in particular, often pays significant performance bonuses, with the other firms incentivising employees through various prizes and awards, often linked in to excellent performance on a specific project or assignment.
At trainee level, a typical benefits package would comprise a contributory pension scheme and sickness cover, and can include the option to redeem salary in exchange for additional holiday days. Of course the key benefit to any aspiring tax professional is the provision of study support for professional qualifications, and virtually all firms will offer this to trainees nowadays.
Many of the independent firms around Wales offer a standard benefits package of a stakeholder pension scheme, with employer contributions often kicking in at manager level, together with statutory sick pay and in some cases private healthcare. The major benefit to those considering a career in Wales, however, are the opportunities on offer for progression, and the genuine possibility of partnership at a relatively early stage of one's career. In Soufl) Wales, the Big Four and other major practices offer benefits packages in line with other offices around the country. Within the top 20 firms, these will often include private healthcare, sometimes available for all the family, flexible working arrangements and staff loans at reduced interest rates. Pension schemes will typically be of the matching contributions variety, sometimes allowing employees to save an additional 10% of salary on top of annual pay.
Packages within the Big Four, as ever, lead the way; although there are certain boutique firms, notably in Cardiff, that compete favourably with the global accountancy firms. Bonus schemes and car allowances are commonplace for those at manager level and above, together with various other incentives and services, which can often be overlooked. These can include the provision of employee helplines, ideal for sorting out health, insurance, legal or finance issues, and childcare vouchers, a highly tax-efficient means of paying for this increasingly expensive cost of family life.
Other key benefits (in the traditional sense) of life in Wales include the opportunity to work in beautiful settings, easily accessible from the major urban centres. In addition, for families where a strong education is high on the agenda, Wales benefits from a number of excellent schools, colleges and universities.
Contact:
Brewer Morris
020 7415 2800