How to manage salary expectations in your Accounting team

In today’s competitive accounting job market, managing salary expectations has become more challenging than ever. With inflation and cost-of-living concerns on the rise, employees are paying close attention to compensation packages. At Richard Lloyd Recruitment, we frequently see disconnects between what accounting professionals expect and what employers offer. This balance is vital for retention, engagement, and attracting new talent.

Here are five practical and easy-to-implement strategies to help you manage your accounting team’s salary expectations effectively.

1. Benchmark salaries against the market

Staying aligned with current salary trends is crucial to retaining and attracting accounting professionals.

• Review annual salary guides and industry reports.
• Consult with specialist recruiters like Richard Lloyd for real-time insights.
• Regularly assess your pay scales across roles from Graduate Accountant to CFO.
• Even minor discrepancies with market rates can affect hiring success and employee satisfaction.
  

2. Communicate career progression clearly

Transparent communication about career growth can significantly influence how employees view their compensation.

• Outline the skills and achievements required for salary increases or promotions.
• Discuss performance metrics during regular reviews.
• Provide timelines or frameworks for advancement.
• A clear career path reduces assumptions and supports a merit-based culture.

3. Promote the full value of your offer

Beyond base salary, total compensation includes a range of valuable benefits.

• Highlight flexible working arrangements, wellness programs, and bonuses.
• Support professional development, like CA/CPA study leave or funding.
• Demonstrate the overall value of your employment package.
• Reinforce how your offering compares favourably to competitors.

4. Be Proactive with check-ins and reviews

Proactive communication can prevent dissatisfaction before it escalates.

• Schedule regular performance and salary reviews.
• Use informal catch-ups to gauge employee sentiment.
• Address concerns early and adjust as needed.
• Don’t wait until a resignation to uncover unmet expectations.

5. Partner with a specialist Recruiter

Recruiters who specialise in accounting bring valuable insight into market movements and salary trends.

• Gain access to current candidate expectations and competitor benchmarks.
• Tailor offers and retention strategies to industry norms.
• Stay informed about roles with fast-changing salary expectations, such as Analysts, Payrollers and Finance Business Partners.
• Use recruiter expertise to craft realistic and appealing compensation structures.

Conclusion

Managing salary expectations is more than a budgeting exercise—it’s about listening, planning, and staying informed. With the right strategies in place, you can improve morale, reduce turnover, and build a high-performing team. If you need support with benchmarking or hiring in the accounting space, the Richard Lloyd Recruitment team is here to help. Contact us today.

You may also like to read our blog on Low-cost/high-impact employee retention ideas for your Accounting team

FAQs on managing salary expectations in Accounting teams

How do I manage salary expectations without offering a pay rise?

Offer clear growth pathways, performance feedback, and communicate total compensation value, including benefits and flexibility.

Is it better to benchmark salaries annually or half-yearly?

Annually is standard, but in fast-moving markets (like accounting in Sydney), 6-monthly pulse checks with a recruiter are ideal.

How can I prevent salary-based resignations?

Proactive check-ins, transparent expectations, and external benchmarking reduce surprises that lead to churn.

Written by Geoff Richard Balmer, Co-founder and Director at Richard Lloyd View Geoff’s profile

About the author

With over 25 years in recruitment, Geoff Richard Balmer is one of the founding directors of Richard Lloyd. Geoff is respected for his hands-on experience supporting clients and candidates across Sydney’s accounting landscape. He regularly runs interview coaching and career workshops, reflecting his passion for giving back to the profession.