Firms Upping Benefits to Attract Talent
In those areas of the country where demand is high, firms competing for the most talented candidates are sweeting the deal by enhancing their benefits packages. Among the most popular benefits with candidates are those that help to improve their quality of life and provide for a secure financial future.
Results from the Society for Human Resource Management’s 2017 Employee Benefits Survey show that nearly one-third of participating organizations increased their overall benefits offerings in the past 12 months. These employers were most likely to have increased health and wellness benefits for employees, as well as in some cases spousal and domestic partner health and wellness benefits. Growing in popularity are financial wellness benefits, such as providing training and tools to help employees manage their day-to-day finances or providing employees with a comprehensive financial plan that includes tax strategy and estate planning. Nearly half of survey participants said they now offer such benefits, compared to just over a quarter in 2014.
A survey conducted in June by the American Institute of Architects found that among firms that recently hired or were looking to hire new professional employees, most had increased their benefits packages and other perks in order to attract desirable candidates. In addition to financial incentives, such as the potential for performance bonuses or salaries above what competing firms are offering and a firm contribution to a retirement program, these firms, recognizing the highly demanding nature of today’s workplace, have added quality-of-life benefits, such as transportation programs, gym memberships, pet-friendly offices, and in-office meals. These types of benefits not only attract talented staff, they help to retain them and enhance their creativity and productivity, without overburdening the firm’s bottom line.
If you’re looking to hire, contact us. In addition to our customized recruiting services, drawing on our extensive industry network we can assist with reviewing and making recommendations to ensure your compensation and benefits offerings are fair, reasonable and competitive.