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Attracting talent - benefits matter, and money motivates

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17 Jun 2016
Attracting talent - benefits matter, and money motivates Unemployment in the UK is at an all-time low, with just 5.1% of the population out of work. This has resulted in the market being incredibly tight, indicated by the fact that the majority of candidates looking for a new job are already in employment.

Sellick Partnership have recently published the latest version of the Accountancy and Financial Salary Guide and Market Insight report. Not only does it share the average salary ranges for a variety of roles, it also goes through key market trends, creative benefit packages and a look ahead at what the sector can expect over the coming years.

It is a fantastic tool to use for both clients and candidates to address salary expectations, however candidates must be aware of additional company benefits before they start pushing towards higher salaries brackets. Due the recovery of economy post-financial crisis, candidates feel more secure and stable in their jobs which has led to a decreased focus on salary and a bigger focus on softer benefits, including;

  • Flexible working hours
  • Progression 
  • Holiday entitlement
  • Company culture
  • Pension schemes
  • Study support
  • On-site car parking
  • Car/mobile/laptop allowances

Clients have come to realise the importance of retaining their existing employees by introducing many of these softer benefits to their compensation packages. In my market, flexible working hours, progression opportunities and study support have been the strongest influences for employee retention. People with families are able to tailor their work around childcare, and people with high ambitions are able to study alongside their job to progress within the company.
As much as candidates are enjoying these benefits, many do consider salary the key motivation for a career move. With the cost of living and house prices rocketing, candidates are expecting more from their employers and potential new employers. Clients are finding themselves shocked when employees’ leave, to find out they will be doing the exact same job but solely for more money. Perhaps clients are exploiting the economic inflation and believe employees will just put up with the same salary year after year? Unfortunately, that is not the case; salary requirements are taking over job satisfaction and candidates are pushing to have their salaries reassessed on an annual basis.

It goes without saying, clients are now realising the importance of softer benefits to retain their existing workforce, which is great. However they must keep in mind that salary is a big decision maker for many people, and if money is what motivates the individual then that needs to be addressed regularly. Having these conversations with employees to find out what their key motivations will help retain employees. How often are you doing this? Comment below, and be sure to view our new Accountancy and Financial Salary Guide and Market Insight report.

Tagged In: Careers, Salaries
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