Don’t be surprised if your top candidates receive multiple job offers today. Educated, highly trained accountancy and finance professionals with niche, specialised skill sets are enjoying low unemployment rates. Once you’ve identified whom you want to hire, you’ll need to move quickly and come up with not only a compelling salary package but also other attractive perks. Now is the time to update your company’s remuneration and benefits plans to reflect current trends in the market.
Salary and Bonuses
The salary for your most in-demand positions should meet or exceed the market standard. Find current trends by reviewing resources like the Robert Half Salary Guide.
Signing bonuses are now common, as are anniversary bonuses. You can also demonstrate that your company recognises success by offering merit-based bonuses, regular salary increases and other financial incentives. Clearly state the goals and commensurate rewards.
Recognise that salary is only one part of the picture; other elements of the compensation package can be nearly as important when a candidate decides whose offer to accept:
Flexible Work Schedule
Top employees desire a healthy work-life balance, and one way to achieve that is through flexible work hours. Allowing employees to make their own schedules may not be feasible at every workplace, but flex options built around core office hours and remote working are attractive options — and not just for parents with young children.
Away from Work
Time off is important for recruiting the best professionals — and also for keeping them. Generous annual leave combined with volunteering days and birthdays off are becoming increasingly prevalent as companies support employee’s personal commitments.
Companies seeking to attract the best talent offer not just a generous maternity leave, but parental leave that can be used by either the new mother or father.
To prevent burn out and retain the best workers, one popular benefit is the sabbatical programme. Whether unpaid, partially paid or fully paid, employees come back from an extended leave with greater creativity, energy and perspective on work and life.
Many companies help their employees save for retirement via a pension scheme or other savings vehicle. Top candidates will want to know the percentage that your firm contributes. With pension auto-enrollment making it mandatory for employers to enroll employees into a workplace pension scheme, employees can better evaluate whether they’re on the right track for a comfortable future.
Trends to Watch
Although not all companies can offer all the following benefits, see if you can include one or more of these perks in your compensation package:
Relocation and housing assistance, especially if the candidate would be moving from an area with a low cost of living to a major city
- Financial planning
- Adoption assistance
- Legal assistance
- Emergency childcare or elderly care
- Pet health insurance
By going beyond the standard remuneration and benefits package, your company can lure top candidates, not to mention keep your best employees.