Surprise! Your Team Is Job Hunting.
You might think your employees are happy, loyal, and totally not scrolling LinkedIn job ads on their lunch break.
Reality check: If you’re underpaying them, they’re already planning their escape.
Here’s the problem—many businesses assume their salaries are competitive without actually checking the numbers. They roll out the same pay structure year after year, only to be blindsided when their top Finance Manager hands in their notice for a 20% pay bump elsewhere.
So, the big question: Are you paying your team what they’re really worth, or are you quietly pushing them towards the exit?
Let’s find out.
1. Your “Competitive Salary” Isn’t Competitive Anymore
If your job ads still say “we offer a competitive salary,” but you haven’t checked what ‘competitive’ actually means since 2019, you’re playing a dangerous game.
The finance and accounting market has moved fast, and salary expectations have changed drastically in the past couple of years.
Why this matters:
- Candidates aren’t guessing their market worth anymore—they have Glassdoor, LinkedIn, and salary benchmarking tools at their fingertips.
- Other companies are doing salary reviews regularly—if you’re not, you’re already behind.
- Inflation has driven up salary expectations—what felt generous in 2020 might now feel barely livable.
Fix it:
- Stop guessing and start benchmarking. Use a reliable salary benchmarking tool (ahem We Do Benchmark).
- Be transparent—state salary ranges in job ads to attract the right candidates.
- Check what your competitors are offering—if they’re paying £10K more for the same role, you’re in trouble.
Rule of thumb: If your team is Googling “average salary for [insert job role]” on their work laptop, you’re probably underpaying them.
2. You’re Losing People Because of “The 10% Rule”
Finance professionals know their numbers, and here’s the one you should care about: If another company offers them 10-15% more, they’ll seriously consider leaving.
Think about it:
- If your Financial Controller is earning £85K and gets offered £95K elsewhere, that’s a £10K boost just for switching jobs.
- If your FP&A Manager is on £70K but sees a competitor hiring for £80K, they’re already updating their CV.
- If your Finance Director is approached with an equity incentive, game over—they’re out the door.
Fix it:
- Review salaries at least once a year. The job market shifts fast, and what was fair 12 months ago might not be now.
- Don’t wait for resignation letters. If you’re only increasing pay when someone has another offer, you’ve already lost them.
- Offer incentives beyond base salary—bonuses, profit sharing, equity, and development opportunities can make staying more appealing.
Rule of thumb: If your team is scrolling Indeed “just out of curiosity,” you should be nervous.
3. Your Pay Gaps Are Embarrassing (And People Notice)
Let’s talk about pay transparency.
Nothing tanks morale faster than finding out a new hire is earning £5K more for the same job—or worse, that two people in the same role have a massive pay gap for no clear reason.
Employees talk…
- They compare salaries over drinks.
- They check industry pay reports.
- They look at what recruiters are offering them.
If you’ve got unexplained pay disparities in your team, expect problems.
Fix it:
- Run an internal pay audit. Are salaries fair across roles, genders, and levels of experience? If not, fix it before people start leaving.
- Be upfront about salary bands. If you’re paying fairly, there’s nothing to hide.
- Reward loyalty properly. If new hires are getting higher salaries than long-term employees, you need to adjust existing pay to match.
Rule of thumb: If your employees are whispering about pay over lunch, something’s off.
4. Your Hiring Budget Is Unrealistic
Are you struggling to attract good candidates? Getting low-quality CVs? Watching people ghost your interview process?
Your salary might be the problem.
If you’re trying to hire a Finance Director on an FP&A Manager salary, you’ll end up with:
❌ Underqualified candidates
❌ People who accept, then leave when they realise the market rate
❌ Positions staying unfilled for months (costing you money and productivity)
Fix it:
- Benchmark before you post a job, not after you struggle to hire.
- If you can’t afford market rates, compensate with great benefits or progression opportunities.
- Work with a recruiter who knows the market (cough We Do Group cough).
Rule of thumb: If your job ad has been live for three months and you’re still “waiting for the right person,” your salary might be the issue.
5. You Haven’t Adjusted for Inflation (But Your Team Has Noticed)
Inflation has hit everything—including salary expectations.
If your annual salary increases are still hovering around 2-3%, but inflation has jumped 7-10% in the last couple of years, your employees are effectively earning less than they were before.
Fix it:
- Review annual increases realistically. If inflation is 8%, a 3% raise isn’t a raise—it’s a pay cut in disguise.
- Tie bonuses to business performance. If the company is doing well, your team should feel the benefit.
- Communicate salary strategy openly. People stay loyal to companies that are transparent about pay and progression.
Rule of thumb: If your team is getting excited about a 3% pay rise, they’re probably also looking at the exit door.
We Do Benchmark: Get Real Salary Data—For Free
If you’re not sure whether your salaries are competitive, guesswork won’t cut it.
We Do Benchmark is our free salary benchmarking service for finance and accounting roles. Here’s how it works:
✅ Get real market insights—we compare salaries based on job role, experience, industry, and location.
✅ Understand your pay positioning—see if you’re paying above, below, or bang-on market rate.
✅ Stay ahead of the competition—adjust your salaries before your best people start looking elsewhere.
The best part? It’s free. No hidden fees, no catch—just independent salary data to help you make smarter hiring and retention decisions.
Benchmark your salaries today—before you lose another great employee to a better offer. Get in touch now.
