In the past, the battle lines were drawn between organizations with deep pockets and those with lesser means, as the primary way to attract top talent was to offer the highest salary. However, the recession has blurred those lines and today many organizations, regardless of size, are wary of offering exorbitant salaries to new employees.
Accounting Principals knows that the right talent can mean the difference between success and failure. However, we also understand that you are under pressure to keep costs as low as possible. To help you recruit and retain the best professionals without compromising your budget, here are some programs and benefits for you to consider adopting in your office.
Medical coverage, including dental and vision, can be one of the biggest factors potential employees consider when contemplating offers from you and your competitors. With many companies slashing their offerings or doing away with medical benefits altogether, providing strong medical coverage can help you trump higher salary offers while providing piece of mind for your workforce.
By offering tuition reimbursement, you can help attract those employees who have an interest in maximizing their skills and taking on leadership roles. Plus, these employees are more likely to remain loyal to your company even after they have graduated. In addition, they can begin applying their new skills to their daily jobs while still in school, making an immediate positive impact on your business.
Personal and professional development
Extending opportunities for your employees to better themselves – and better their skills – represents a win-win for you and your workforce. Through webinars, workshops or learning sessions, you can make sure your employees feel empowered to succeed. You may also consider sponsoring professional association memberships in organizations that provide training and development opportunities.
A stock option plan can help attract new talent and reserve corporate cash. Stock options make employees feel invested in your company's success, giving them extra incentive to make sure the organization's goals are met.
The old adage, time is money, rings true for employees who value their personal time. New and existing employees will appreciate the opportunity to occasionally work from home or to work longer hours during the week in return for a flexible Friday schedule.
Performance bonuses can come in many forms, from gift cards to cash awards, and they appeal to potential employees who are willing to go the extra mile in order to earn extra money. Bonuses are also a great way to motivate employees and make your workforce feel appreciated at the same time.
Negotiating a job offer doesn't have to come down to offering a higher wage. By extending other benefits, like medical coverage, tuition reimbursement, learning opportunities, stock options, flexible schedules and performance bonuses, your company can close the deal with top professionals without opening the door to burdensome salaries.