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CIMA Polandpart qualified salary survey 2011
Table of contents
Table of figures 1
Executive summary 2
Economic context 3
Main findings 4
Overview of remuneration packages 4
Expectations for future pay and conditions 5
Improving employability and opportunities 7
Attracting candidates and retaining employees 9
One word to describe...management accounting 10
Appendix 11
Technical information 11
Further information 11
Acknowledgements 11
Global offices 12
1
Table of figures
Figure 1: Poland GDP forecasted trend 3
Figure 2: Monthly remuneration and salary tier 4
Figure 3: Expectations for the business environment 5
Figure 4: Expectations for personal salary and job security 6
Figure 5: Expectations for increase in personal salary 6
Figure 6: Expectations for working hours 7
Figure 7: Attitudes towards the CIMA qualification 7
Figure 8: Proportion planning to move job, to emigrate 8
Figure 9: Additional benefits received versus importance 9
Figure 10: Motivators in employment 10
Figure 11: Words used to describe management accounting 10
2
Executive summary
This report details the findings of the second annual CIMA part qualified salary survey for Poland. The 2011 CIMA survey reveals that part qualified students in Poland are earning on average PLN11,036 in basic monthly salary. However, there is considerable variation, with one-half earning under PLN9,999, while one-third are earning above PLN14,000. One in six are classified by our survey as earning a mid tier basic salary of between PLN10,000 and PLN13,999. The 2011 CIMA survey of part qualified students reveals that confidence in economic conditions for the coming 12 months in Poland is cautious. While two-fifths expect an increase in the overall profitability of the business in which they work, expectations for expenditure on staffing and investment are more modest. Additionally, one-third of part qualified students anticipate budget cuts, while one-fifth expect a recruitment freeze and job cuts. Other signs of increased caution are one-third expecting business process/policy changes and one-fifth expecting greater focus on regulatory issues. Despite anticipated caution within the general business environment, in terms of their personal salaries there is much optimism among part qualified students in Poland, with 60% anticipating an increase over the next 12 months, compared to only 19% expecting salary increases across the board within their employing businesses. However, 26% are expecting a freeze on their personal salary over the next 12 months. The CIMA qualification is perceived by the vast majority of part qualified students to be a catalyst for career growth by enabling employment internationally and creating career opportunities. Indeed, two-thirds of part qualified students are planning to move job within next two years, including almost two-fifths within six months. Furthermore, of those planning to change jobs, two-fifths plan to emigrate. European destinations and the Pacific region are generally preferred, with Germany, Switzerland and Australia being by far the most popular destinations. Improved quality of life and new career opportunities are the key reasons for migrating overseas, followed by improved salary and better employment opportunities. In relation to additional benefits received as part of the remuneration package, in general, there seems to be a higher importance placed on individual benefits relative to the proportions receiving those benefits. By better synchronizing the benefits desired and provided, employers in Poland may benefit in terms of retaining talented candidates.
3
Economic context
The Polish economy has experienced mixed fortunes in recent years, which will continue to play out in the medium term. On the one hand, the global economic crisis did affect the economy – GDP growth fell from over 6% in 2006 and 2007 to 1.6% in 2009 and Poland’s success story looked to be in jeopardy. The sharp fall of the złoty in the wake of the global crisis has led to a delay in the adoption of the Euro. The Polish Government has avoided a direct fiscal stimulus to support the economy, as it seeks to control public deficits, instead focusing on the sale of assets, privatisation, cuts in spending and economic reforms, such as a reform of the pensions system.1
Figure 1: Poland GDP forecasted trend
On the other hand, despite these effects, and perhaps to the surprise of those watching the fortunes of the Polish economy, it is the only EU member state to have avoided recession, and has shown the strongest GDP performance among new EU member states post-crisis. The implications of the global financial crisis were limited in Poland, partly due to the relatively low level of ‘toxic assets’ held in the banking sector, together with a weak złoty buoying export-led growth. Furthermore, inflation remains fairly stable and low, and foreign direct investment (FDI) has played a significant role in supporting Poland’s manufacturing sector – particularly motor vehicles and electrical machinery.
1 US Department of State, Bureau of European and Eurasian Affairs, http://www.state.gov/r/pa/ei/bgn/2875.htm. Accessed April 2011.
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
GDP Est. GDP
Sources: IMF World Economic Outlook October 2010, UN World Economic Report 2011
‘Poland is the only EU member state to have avoided recession, and has shown the strongest GDP performance among new EU member states post-crisis.’
4
Main findings Overview of remuneration packages Survey shows significantly higher proportion of students in lower tier salary bracket The 2011 CIMA survey reveals that part qualified students in Poland are earning on average PLN11,036 in basic monthly salary. However, there is considerable variation, with one-half earning under PLN9,999, while one-third are earning above PLN14,000. One in six are classified by our survey as earning a mid tier basic salary of between PLN10,000 and PLN13,999. Figure 2: Monthly remuneration and salary tier
In addition to basic salary, benefits that are most commonly received by part qualified students are:
• healthcare, • mobile phone/Blackberry/PDA and • bonus.
Satisfaction with current pay and conditions
Overall satisfaction with salary is high – 62% of part qualified students stated that they are satisfied with their current salary level. 1Central Statistical Office, Employment, wages and salaries in national economy in I-III quarters of 2010, http://www.stat.gov.pl/gus/5840_685_ENG_HTML.htm. Accessed April 2011.
50%
17%
33%
Lower tier (up to PLN9,999)
Higher tier (PLN14,000+)
PLN11,036
Poland mean average
Base: (42)
‘The 2011 CIMA survey reveals that part qualified students in Poland are earning on average PLN11,036 in basic monthly salary.’
Comment:
Figures from the Central Statistical Office (CSO) for the first three quarters of 2010 show basic average monthly gross earnings for those in the financial and insurance sector as PLN13,243.1
CSO figures include all part and fully qualified professionals, in contrast to CIMA’s solely part qualified survey.
Mid tier (PLN10,000- PLN13,999)
5
Expectations for future pay and conditions
Confidence in economic conditions for the coming 12 months in Poland is cautious. Two-fifths expect an increase in the overall profitability of the business in which they work. However, this does not automatically translate into expectations for increased expenditure on staffing or increased investment for future growth: just one-fifth are expecting increases in salaries and increased spending on staff training, and only one in eight are expecting more money to be available for future investment and increased merger and acquisition activity. Additionally, one-third of part qualified students anticipate budget cuts, while one-fifth expect a recruitment freeze and job cuts. Other signs of increased caution are one-third expecting business process/policy changes and one-fifth expecting a greater focus on regulatory issues. Figure 3: Expectations for the business environment
Reduced expenditure and headcount
Reduced performance, increased caution
Increased expenditure on staffing
Increased performance, more investment
43%
14%
12%
12%
Increase in the overall profitability of
business
Increase in outsourcing
More money available for future investment
19%
19%
14%
Salary increases
Increased spend on staff training
Increase in staff recruitment
Base (42)
33%
19%
14%
7%
2%
0%
Greater focus on regulatory issues
Less money available for future investment
Restricted merger/ acquisition activity
Less outsourcing
Business process/ policy changes
Fall in overall profitability
33%
21%
19%
14%
12%
0%
Budget cuts
Recruitment freeze
Job cuts
Salary freezes
Cuts in funding for staff training
Salary
decreases
Increased merger/ acquisition activity
6
Greater optimism is reflected in expectations for personal salary and job security compared to expectations for the business environment. While 19% of part qualified students are expecting salary increases across the board within their employing businesses, in terms of their personal salaries there is much greater optimism, with 60% anticipating an increase over the next 12 months. However, 26% are expecting a freeze on their personal salary over the next 12 months. Figure 4: Expectations for personal salary and job security
The average salary increase will be 7% in the next 12 months. Of the six in ten expecting an increase in salary, 60% expect an increment of less than 6%. A further one-quarter are expecting an increase in personal salary in the range of 6% to 10.9%, and just one in six are expecting an increase of over 11%. Figure 5: Expectations for increase in personal salary
60%
26%
0% 0% 0%
14%
Salary increase Salary freeze Redundancy Shorter working week
Salary reduction
None of these
0%
36%
24%
12% 12%
4% 4%
0%
8%
Less than 1%
1% - 3.9%
4% - 5.9%
6% - 8.9%
9% - 10.9%
11% - 13.9%
14% - 16.9%
17% - 19.9%
20% or more
Base: All those expecting a salary increase over the next 12 months (25)
Mean average increase expected: 7.1%
‘Despite anticipated caution within the general business environment, in terms of their personal salaries there is much optimism among part qualified students in Poland, with 60% anticipating an increase over the next 12 months.’
Base: (42)
7
Currently, two-thirds of part qualified students in Poland typically work 41–50 hours per week, while another quarter work 35–40 hours per week. Just over one in ten work for more than 50 hours per week. While three-fifths of part qualified students expect their working hours to remain the same, two-fifths anticipate an increase in their working hours. The primary reasons for increased working hours are related to career growth – taking on more responsibility or a change in job role – followed by business-environment factors, such as company culture, understaffing, the current financial climate and company growth. Figure 6: Expectations for working hours
Improving employability and opportunities The CIMA qualification is perceived by the vast majority of part qualified students to be a catalyst for career growth by enabling employment internationally and creating career opportunities. A lower proportion of part qualified students agree that the qualification enables movement across all areas of business. Figure 7: Attitudes towards the CIMA qualification
Base: (42)
5%
0%
0%
67%
93%
93%
Strengthens your ability to move across all areas of the business
Creates career opportunities for you
Strengthens your ability to move internationally with your career
Strongly disagree/Disagree Agree/Strongly agree
Base: (42)
Increasing 36%
Decreasing 2%
Staying the same
62%
8
Two-thirds of part qualified students are planning to move job within next two years, and almost two-fifths within six months. Furthermore, of those planning to change jobs, two-fifths plan to emigrate. Figure 8: Proportion planning to move job, to emigrate Planning to move job:
Among those seeking employment overseas, European destinations and the Pacific region are generally preferred, with Germany, Switzerland and Australia being the most popular destinations. Improved quality of life and new career opportunities are the key reasons for migrating overseas, followed by improved salary and better employment opportunities.
Not currently 33%
Yes, in ...
0-3 months 19%
4-6 months 19%
7-11 months 5%
1-2 years 24%
67% are looking to move job within the next two years of which...
Within Poland 61%
Abroad 39%
9
Attracting candidates and retaining employees
Although only 5% cite additional benefits as a key motivator in employment, the benefits package is an important part of remuneration. Most of the benefits we looked at are important for students; i.e. 18 out of 22 benefits scored 3 or more out of 5 on an importance scale. Three of the top four benefits desired are also the most widely provided benefits, although not necessarily in the same order. The most desired benefits are bonus, flexible hours, healthcare and contribution to/payment of CIMA fees, scoring 4.4, 4.3, 4.1 and 4.1 respectively out of 5 on our scale of importance. However, the most frequently provided benefits are healthcare (76%), mobile phone/Blackberry/PDA (62%), bonus (60%) and contribution to/payment of CIMA fees (40%). Study leave is provided to relatively few part qualified students (29%), although it scores highly on desirability, scoring 4.0 out of 5 on our importance scale. Figure 9: Additional benefits received versus importance
Lowest base (all answering): Mortgage relief (42) Skill sets that part qualified students most commonly wish to develop over the coming 12 months are leadership (50%), followed by strategic planning and implementation (45%), and communication (40%).
76%
62%
60%
40%
31%
31%
29%
26%
21%
17%
17%
14%
12%
10%
7% 5% 2% 2% 0% 0% 0% 0%
4.1
3.4
4.44.1
3.6
4.34.0
3.3 3.42.9
3.8 3.7
2.73.2
3.5
2.9
3.43.7
3.9
3.0
2.5
3.0
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0%10%20%30%40%50%60%70%80%90%
100%
Received Importance (mean average)
10
Financial reward, followed by a good working environment, is a key motivator for three-fifths and one-half of part qualified students respectively. Perhaps surprisingly, other potential motivators such as promotion prospects and job security are cited by just one-third and one-fifth of part qualified students respectively. Figure 10: Motivators in employment
One word to describe...management accounting Part qualified students were asked to use one word to describe what management accounting means to them personally. The words below show the most popular responses, with the size of font denoting frequency of mention. Figure 11: Words used to describe management accounting
60%
50%
38%
33%
33%
33%
24%
19%
5%
Financial reward
Good working environment
Scope of role/projects
Promotion prospects
Challenging workload
Flexibility/work life balance
Training and development
Job security
Benefits package
Base: (42)
Support Knowledge Flexibility
Interesting Leadership
Creativity
Information Significant
Key Entertaining
Performance Opportunity
Awesome Improve Thrill
Credibility Reliable Comprehensive
Management Decisions
Assurance Challenging
Analysis Priceless
Strategic
Powerful Freshness
Business
Efficiency
11
Appendix
Technical information
Survey responses were collected by CIMA among active part qualified students between 2 and 20 February 2011, via an online survey. The data was analysed and reported by an independent specialist consultancy.
Just over 13,000 part qualified CIMA students were selected and invited to participate in the international study which covers 15 markets. Within the study period 2,121 responded internationally, including 42 from Poland.
The response data presented in this report has been weighted to reflect the profile of CIMA part qualified students by market. All base numbers quoted in Figures report the lowest unweighted base i.e. the number of responses. Due to the relatively small response, the figures presented in this report are indicative only and cannot reliably be compared to the 2010 survey.
Further information
For further information on technical matters relating to this survey, contact [email protected]
For further country specific analysis and reports, visit CIMA MY JOBS at
http://myjobs.cimaglobal.com
Acknowledgements
This research was conducted by CIMA in conjunction with Spotlight Market Research & Editing. The Chartered Institute of Management Accountants is a Market Research Society Company Partner. Both CIMA and Spotlight abide by the Market Research Society’s Code of Conduct and the Data Protection Act.
36
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