August 17, 2022

Is your benefits package for Accountancy and Finance professionals competitive?

Despite evidence of slowing momentum in the labour market with the first quarterly decrease in vacancy numbers since mid-2020, the labour market remains incredibly tight with strong labour demand and candidates in short supply. However, many firms are finding it difficult to recruit candidates with accountancy and finance skills in the Staffordshire and Cheshire areas, so what can you do to attract top talent to your business? We’ve got the answer for you right here…

Where Have All the Accountancy and Finance Staff Gone?

With increasing costs of raw materials with rising energy and transport costs plus increasing pressures to keep product price increases down, it’s more important than ever for businesses to keep close management of their bottom line. Your financial team are an invaluable asset to assess the profitability of your business and secure your future success. However, many professionals in the finance and accountancy sector are reluctant to move jobs, when the economy appears to be heading towards a recession. However more demands on salary with increasing prices means that many will consider moving for the right offer.

People have had more time to consider what they want from their careers following the last few years of the pandemic. Everyone is much more focussed on their work-life balance and overall wellbeing. This has meant more people took early retirement during the pandemic, took the opportunity to retrain or return to education, reduced the hours they work or made career changes.

Now you have a clearer idea of why there is a shortage, what steps can you take to help you attract right accountancy and finance applicants?

How attractive are you as an employer?

Employees are now seeking flexible work arrangements and more work-life balance. They want to work for employers who value not only their expertise but also their physical and emotional well-being. And they’re ready to walk away from those who don’t. Do your salary and benefits compare favourably to those of other businesses throughout Staffordshire and Cheshire? If not, now is a good time to think about how you can be a more attractive option for anyone looking for a new job. In the race to find top talent, having a competitive offer could make or break your hiring campaign.

Check your benefits package is competitive

In the race to find top talent, having a competitive offer could make or break your hiring campaign. If you are unsure how competitive your offer package is, or do not have the time, contact us today to find out how we can help you with local benchmarking. We can share our experience of what other benefits candidates are looking for and our salary guides will help you assess whether your rates of pay are competitive.

What else are you offering to make your total reward package more attractive. Having a competitive overall compensation package will be something that encourages people to apply. However, don’t mistake this as the only reason people will join you or stay.

The greater the range and mix of company funded benefits, the greater the likely appeal will be. As with pay, it is important for the organisation to benchmark the type and level of benefits provided compared with your competitors, bearing in mind that benefits provided tends to vary greatly between different organisations and by sector. Depending on the age of your employees, certain benefits may also be appealing to different demographics too.

The total reward concept embraces tangible rewards of pay and benefits, alongside the more intangible aspects of the working environment and recognition. It includes personal growth and development options, career progression, the value added through learning and development. Benefits that improve work-life balance are much sort after too. For example are you able to offer flexible hours or hybrid working or a condensed 4 day week. Working from home not only removes commuting time from workings days but it also cuts down on fuel and travel costs ultimately giving people more disposable income each week.

Do you tell people about the benefits on your website?

Having benefits on offer is great, but you have to make sure they are visible to potential applicants. Before applying for any job the savvy job seeker will be trawling your website, to assess what sort of company you are and how much you value your employees. Does your website tell applicants what it’s like to work for you, do you share your employees successes and stories, do you talk about your community engagement activity or support for environmental programmes. People look for organisations whose values they share and can buy into so it’s important to share your news.

Consider a recruitment partner

If you are unsure how competitive your offer package is, or do not have the time to find out, contact us today to find out how we can help you with local benchmarking. We can share our experience of what other benefits candidates are looking for and our salary guides will help you assess whether your rates of pay are competitive.

At Appointments Personnel we have a strong database of candidates in the finance and accountancy sector and over 30+ years of recruitment experience throughout Staffordshire and Cheshire. Jayne our Accountancy and Finance recruitment consultant, has a fantastic relationship with her candidates and employers. She’ll ask you lots of questions to get to know you to make sure she’s looking for candidates that will fit into your organisation. Jaynes goal is to find the perfect match between client and candidate with benefits to both. We’ll do the hard work so you don’t have to.

Get in touch

To find out if your finance salaries are competitive download a copy of our Salary Guide for Accountancy and Finance

Give us a call to discuss your requirements on 01782 338787 or check out our information about how we support businesses in Stoke-on-Trent, Staffordshire and Cheshire.

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