How much are you and your employees worth?

The article is relevant to members in New Zealand and was current at the time of publication.

Average annual salary growth for accounting professionals is sitting at around two to three per cent, but remuneration is only part of the equation. For public practices looking to attract and retain talent, career development, flexibility and workplace culture are becoming just as crucial as pay.

“What is important is that employers appreciate the value of making their company more attractive to new talent and to retain the talent they have,” says Bianca Herbst, Business Director at Hays New Zealand.

Hays found that only 42 per cent of accountants are satisfied or very satisfied with their salary, while just 53 per cent say they are satisfied with their current role.

With a senior accountant typically earning between NZ$85,000 and NZ$110,000 and a senior manager in business advisory commanding between NZ$150,000 and NZ$190,000, smaller firms are not always able to compete with larger practices or commercial employers on salary alone, Herbst says.

“Instead, they should emphasise the advantages they can offer, including direct client exposure, closer mentoring, access to leadership, flexibility, workplace culture and job security,” she says. 

“Having a path through which to accelerate an individual’s career development is also becoming increasingly important.”

A replacement economy

Both the Hays Salary Guide FY26/27 and the 2026 Salary Guide from Robert Half point to tempered optimism. Robert Half found that 84 per cent of firms expected the economic outlook to positively influence their approach to setting salaries in 2026.

“There is still caution, however,” says Executive Recruitment Director Nicole Gorton. “The cost of running any business has increased as the general economic landscape has slowed, although a lot of organisations are seeing green shoots. 

“But I wouldn’t call it a hiring economy; I’d call it a replacement economy – people are changing jobs for potentially more money.”

The Hays survey found one in five accountants had changed employers during the past year, while 71 per cent had been with their current organisation for fewer than four years.
Counteroffers have become a common tactic for retaining employees, but they may offer only a temporary solution.

Robert Half found that 95 per cent of employers extended a counteroffer in 2025, but 37 per cent reported that the employee left within 12 months.

Employers need to focus on proactive retention strategies that build a workplace where employees choose to stay for the right reasons, Gorton says.

More than money

Career progression is emerging as one of the strongest retention tools available to employers.

Yet more than one-third (34 per cent) of employees told Hays that there was no clear promotion structure within their organisation, while only eight per cent believed promotions occur frequently enough.

Among those considering leaving their employer, 36 per cent cited a lack of future opportunities and 33 per cent pointed to unclear promotion pathways. Employees without defined career paths were significantly less satisfied with their employer and more likely to be actively looking for another role.

For practice owners, the message is straightforward: if employees cannot see a future with the firm, they are likely to look elsewhere.

“Small accounting practices need to clearly communicate realistic progression opportunities and development pathways,” Herbst says. “Firms that value upskilling are also in a better position to retain employees. Employees need to feel valued and see a long-term future.”

Robert Half found that flexible working arrangements remain as important as ever, especially at small firms that cannot compete on budget. The survey notes that 41 per cent of employers offer work-from-home or hybrid arrangements, 32 per cent offer flexible work arrangements and 26 per cent offer unpaid or paid sabbaticals and leave.

“This is about competing using a different currency,” Gorton says. “Leadership access, culture, learning and development and a clear career path are important but flexibility for appointments or family commitments is especially valued.” 

Some organisations are also experimenting with additional incentives for employees who regularly attend the office.

“Companies have mandated work-from-home and in-office days. For those who want career progress, in-office days are crucial. You can’t progress your career from your living room.”

The influence of AI

Looking ahead, firms may also need to consider another emerging salary driver: artificial intelligence (AI).

Robert Half found that 34 per cent of finance leaders said competition for AI-proficient candidates was already creating remuneration challenges, while 94 per cent expected AI capability to continue influencing salaries over the next one to two years.

For public practices investing in technology, developing AI capability internally may become as important as recruiting technical accounting skills.

Typical public practice salaries (NZ)

Credit: Hays

 

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