Strategic Employee Benefits and Perks for 2024: What’s Driving Employee Satisfaction

In today’s competitive market, the talent shortage in accounting is a pressing challenge. In fact, 49% of employees are likely to leave their job in the next 12 months due to a lack of employee benefits¹. Attracting top accounting talent requires more than just competitive salaries. Understanding current market trends and implementing creative strategies can make a significant difference, even if you’re working with a limited budget. Here’s a guide to what we’re seeing in the market and how you can attract the best talent with effective employee benefits.

Current Standards in Benefits and Perks

1. Competitive Salary Packages: The foundation of attracting top talent is a competitive salary that reflects industry standards and the candidate’s experience and qualifications. In the context of the talent shortage in accounting, a well-structured salary package is a crucial part of your employee benefits strategy.
2. Healthcare and Wellness Benefits: Comprehensive health insurance, including medical, dental, and vision plans, is a must. Wellness programs, such as gym memberships or wellness stipends, are becoming increasingly popular as they promote overall health and work-life balance, making them a key component of your employee benefits offerings.
3. Retirement and Savings Plans: Offering 401(k) matching or other retirement savings options shows a commitment to employees’ long-term financial security.
4. Professional Development Opportunities: Supporting certifications (e.g., CPA) and ongoing education keeps employees’ skills sharp and demonstrates investment in their career growth.
5. Flexible Work Arrangements: Remote work options, flexible hours, and compressed workweeks provide employees with better work-life integration, which can be a significant draw in the current talent shortage.
6. Paid Time Off (PTO) and Holidays: Generous PTO policies, including paid holidays and sick leave, contribute significantly to job satisfaction.

Creative Perks to Attract Talent

1. Flexible Spending Accounts (FSAs): FSAs allow employees to use pre-tax dollars for medical expenses, which benefits both employees and the employer by reducing taxable income.
2. Student Loan Repayment Assistance: Contributions towards student loans are attractive to younger employees burdened by educational debt.
3. Company-Sponsored Social Events: Affordable team-building activities like virtual happy hours or casual team lunches create a positive work environment.
4. Career Development Initiatives: Implementing mentorship programs or providing access to online courses enhances employee skills and satisfaction.
5. Recognition and Rewards: Simple recognition programs that celebrate employee achievements boost morale and foster a positive workplace.
6. Flexibility in The Workplace: Offering a range of flexible work options can significantly enhance job satisfaction and productivity. Key options could include hybrid work models, flexible hours, compressed workweeks, or unlimited PTO.
7. Remote Work Support: Stipends for home office equipment or internet costs can enhance productivity for remote employees and are a valuable addition to your employee benefits.

Little Extras That Make a Big Impact

1. Health and Fitness Stipends: Offering stipends for gym memberships or fitness classes encourages employees to maintain a healthy lifestyle and can be a cost-effective perk in a tight labor market..
2. Childcare Support: Providing on-site childcare or childcare subsidies can be a significant benefit for working parents. In fact, 81% of employers say that childcare benefits positively impact talent recruitment². Offering such support improves work-life balance and can be a powerful component of your employee benefits.
3. Free or Subsidized Lunches: Providing free or subsidized lunches can boost morale and foster a sense of community among employees.
4. Birthday Off: Granting employees an additional day off for their birthday is a thoughtful gesture that shows appreciation and allows them to celebrate without using their PTO.
5. Personal Development Stipends: Allow employees to use stipends for personal development activities, such as hobbies or classes, which can enhance their overall well-being and satisfaction.

Emerging Trends and Future Considerations

1. Mental Health Support: An increasing number of employees, particularly Generation Z and millennials, are prioritizing mental health. According to recent data, 91% of Generation Z and 78% of millennials believe that every company should implement a mental health policy for employees³. . The demand for mental health support and work-life balance is rising. According to recent data, 91% of Generation Z and 78% of millennials believe that every company should implement a mental health policy³. Providing access to mental health resources, counseling services, and stress management programs is increasingly valued and can significantly improve overall workplace well-being
2. Environmental Sustainability Initiatives: Supporting green practices and sustainability initiatives can attract environmentally conscious talent.
3. Customizable Benefits Packages: Allowing employees to tailor their benefits to their personal needs—such as optional insurance coverage or flexible spending options—enhances satisfaction and retention.

In conclusion, attracting top accounting talent involves more than just offering a competitive salary. Understanding and implementing a mix of traditional benefits, creative perks, and thoughtful extras can help your organization address the talent shortage, stand out in a crowded job market, and attract the best talent in the accounting field.

At JFSPartners, we specialize in providing the market intelligence and support you need to make informed decisions and attract top talent. Contact us today to learn how we can help you stay ahead in the competitive landscape.

Sources:

1. https://unitedinsurance.net/publications/5-critical-statistics-about-benefits-and-employee-retention/#:~:text=49%25%20of%20your%20employees%20will,confusion%20or%20dissatisfaction%20with%20benefits.&text=There%20you%20have%20it.,offerings%20as%20much%20as%20possible.
2. https://www.hcamag.com/us/specialization/benefits/the-talent-war-is-intense-and-childcare-benefits-are-critical/408441
3. https://teamstage.io/employee-benefits-statistics/