If you’re trying to hire the most qualified talent for accounting and finance jobs in St. Louis or Milwaukee, then one of the first things candidates are going to look at will be the benefits that you offer. Creating a healthy corporate culture, along with improving your employee benefits, is an effective 1-2 combination that can help to reduce your turnover rates. But the first step is learning exactly what today’s workforce wants in an opportunity. From offering exceptional health benefits to generous paid-time-off, it takes a quality selection of benefits to stand out from the competition.
Long-Term Incentives are Better
The problem that we’ve seen at many companies is that 401(k) plans disqualified or denied company contributions to younger workers and, part-timers. You need to let all of your employees know that you’re serious about them for the long-term by helping them grow their retirement savings. Some people working in accounting jobs have very legitimate reasons for working part time. There’s no reason to penalize these people by making them forfeit the retirement savings that they earned while working for you. Instead of punishing people for changing jobs, try something like this:
- Guarantee all employees a 401(k) contribution plan.
- Contribute a percentage of their total income.
- Ensure their 401(k) contribution goes with them after leaving.
Reducing Student Loan Debt
As accounting recruiters, we’re aware that many of our entry-level employees are looking for opportunities at firms that will help them to reduce their student loan debt. So, a compelling way to lure finance professionals is to offer college debt repayment benefits. A recent survey from American Student Assistance indicated that a majority of employees would stay at their jobs longer if their employers would help them repay their student loans. It also ranked as the third most desired benefit behind health insurance and 401(k).
We’re also seeing a growing number of organizations offer progressive benefits to employees like supplemental healthcare options that include appointments with physicians on-site. This is yet another way to improve staff retention by showing your employees that you care about their wellbeing. Some other modern benefits that are being introduced are on-site fitness centers, child-care assistance and career transition services.
To attract top accounting and finance talent in today’s market, you need to seriously consider the salary and benefits that you offer. Employee benefits are a top concern for candidates who are considering a new opportunity. By offering a great plan, you can reduce your retention rates. Offering 401k contributions to all employees, providing student loan debt repayment, and considering out-of-the-box healthcare solutions, are all great ways to show your employees they are valued.
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