The current employment market for accounting is competitive, especially in bustling cities like St. Louis and Milwaukee. There are more accounting jobs than there are skilled professionals to fill those positions. Accounting firms and companies have to stay competitive with employee benefits if they expect to attract and retain talent.
Along with healthcare, flexibility is one of the most important benefits job hunters are seeking. Flexibility can mean something different for different people. Some want a flexible schedule. Some want flexible hours. Others want work-from-home options. Overall, what many professionals want is work-life balance. Many have families or other responsibilities, so they are looking for opportunities that allow them to make a good salary, while still allowing them to have a fulfilling personal life.
A competitive 401k match is essential if you want to retain great talent. If your 401k match is less than the market average, you are at a disadvantage. Senior-level accounting professionals and other mature professionals are thinking about retirement. If you want to stand out, offer a 401k match that is above average. Young professionals, on the other hand, are concerned about student loans. Many firms are offering student loan repayment options.
Some companies only offer 2-weeks of paid vacation for the first five years of employment. If this is your policy, you’ll have a hard time attracting talent. The current average paid-time off in the field is more generous than that. If you want to be above average in your benefits, consider offering even more paid vacation time. Especially with highly experienced accounting professionals, employees prioritize paid-time off because they see this as a sign that the company values work-life balance.
Other Benefits and Perks
Large companies offer additional perks, like on-site workout spaces and high-end cafeterias. Yet, even smaller companies can offer fringe benefits that will help them stand out in this competitive employment market. Small perks like free soda and coffee, occasional potlucks, and company happy hours add up and can win over candidates who are on the fence and help retain current employees.
With the current shortage of experienced accounting professionals, large and small companies alike need to stay competitive when it comes to the employee benefits they offer. Accounting jobs in St. Louis are abundant, so job seekers will often choose the company that offers the best compensation and benefits package. If what you offer isn’t above average, you will lose talent to your competitors.
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