When it came to attracting top talent for Finance departments, “Show me the money!” used to be the go-to catchphrase.
But with a faltering economy and tighter budgets, CFOs are turning to other incentives to bring in new hires. Does money still talk when you’re trying to woo that top job candidate? “Sure thing,” says the latest survey from Robert Half International. But not as loudly as it used to.
In 2003, 46% of CFOs cited “higher salaries than competitors” as their top incentive for attracting top accounting candidates. But the 2008 response shows only 37% of companies are using a higher salary as a major incentive for potential hires.
The other surprising drop: 33% of companies offered either telecommuting or flexible work schedules as an incentive in 2003 — that percentage is down to 13% now.
So, if it’s not about flexibility or cash, what incentives are companies shifting their focus to? 33% of CFOs are setting their sights on stellar benefits packages and insurance.
Sure, that 33% is still lower than the 37% who are focusing on high salaries.
But in 2003, only 2% of CFOs even considered benefits and insurance as important incentives. Because of the massive jump, it’s clear that prospective employees aren’t only responding to the almighty paycheck. They’re keeping a sterner eye on the long-term investments a company is willing to make.
A strong benefits and insurance package not only keeps employees (and their families) healthy and financially secure, but it also ensures the top talent you’ve attracted to your Finance department will be in it for the long haul.