Monday, October 31st, 2016

Finding & Keeping Top Talent Sometimes Comes Down To How Many Benefits You Offer

CPA firms and many other companies are seeking talented workers. The competition is especially fierce among accounting firms.

I noticed an Associated Press story in my Sunday newspaper that headlined: Employers spice up benefits, offer help with pets, debt. I have heard from several firms that they have taken a serious look at their benefits in an effort to stay competitive. It seems that Millennials want more choice and customization while Baby Boomers want more certainty (good health and dental coverage).

Many employers are offering programs that monitor for identity theft, help with mortgage payments, assistance with repaying college loans and even unexpected veterinary bills. Many of these “extras” are offered and available but that doesn’t necessarily mean the firm foots the entire bill.

Here’s some information from SHRM:

Employee Benefits Have Exploded

  • SHRM now tracks 350 fringe benefits
  • 20 years ago it was 60 and 10 years ago it was 219
  • Most increases have been in larger corporations
  • Smaller businesses struggle to keep up
  • Biggest gain was telecommuting – in 1996 it was offered by 20% and it has grown to 60%

Maybe it’s time to review your benefit package. I have found that many firms haven’t kept pace with maternity and paternity leave programs.

  • "I have found that among its other benefits, giving liberates the soul of the giver."
  • Maya Angelou

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