What exactly are candidates looking for these days in a new finance role? Top Ten bonuses to offer new candidates.
Employees today look for a variety of bonuses and incentives that not only reward their hard work and dedication but also support their personal and professional growth. This is true for many industries, especially the finance industry. Professional recruitment specialists will help to find you the perfect candidates for any positions that you have available. One of the key ways to attract top talent for your job vacancies is to ensure that you are offering a competitive basic salary. If you are looking for other ways to reward your employees, here are ten work bonuses that are highly sought after:
Bonuses: These are straightforward and highly appreciated. They can be tied to performance, milestones, or holiday seasons. It is important that any bonus structure is transparent and fair. This means ensuring that it is explained clearly in your staff handbook. The rules for rewarding bonuses have recently been reviewed, and the amount of money that can be given has increased significantly. One other way is to offer the following.
Shares: Offering employees a stake in the company can be a powerful incentive, fostering a sense of ownership and long-term commitment. Employees get real buy-in regarding the company’s performance or who they work for. The best element of this reward incentive is that the better the company does, the more shares the employee will get. It also follows that increased company performance will lead to a higher share price and a greater return on their investment. This is a particularly popular option in larger finance firms and in banks and building societies.
Flexible Working Hours: Flexibility is highly valued, allowing employees to manage their work-life balance more effectively. Professional recruitment specialists are finding that more and more people are looking for ways in which they can work flexibly. This could be working split shifts throughout the day, working compressed hours across the week or even allowing employees to work flexi-time across the week. For many, this flexibility, particularly the ability to work from home, means that holding a full-time position is much easier.
Remote Work Options: The ability to work from home or anywhere else is a bonus that has gained immense popularity, especially following the global shift in work habits due to the pandemic. This may be allowing people to work from home permanently or for a proportion of their working week.
Professional Development: Investments in an employee’s professional growth, such as funding for courses, certifications, or attending conferences, are highly valued. This can be an attractive offering for those people who are looking to build a career with a company. It also pays for the company to do this, as it can then increase the general workforce’s professional capacity.
Health and Wellness Programs: Bonuses that support an employee’s health and wellbeing, including gym memberships, wellness apps, or mental health support, are increasingly important. It is also important that you have a working pattern that allows your employees to use these benefits. If you work in a high-pressure environment, apps such as Headspace can also be beneficial to your staff. The well-being of employees is of paramount importance. If they have access to better healthcare services, companies will get more attendance days out of their employees and possibly reduce sick pay.
Extra Holiday Days: Additional paid time off is always a welcome bonus, providing employees with more freedom to rest and recharge. This can be providing your staff with a mental health wellbeing day once a quarter or an extra day off for their birthday. Many companies can also offer colleagues the ability to purchase holiday days in addition to the statutory ones that the company has to offer.
Office Perks: Free meals, transportation allowances, or modern office facilities (like relaxation areas) can make the workplace more enjoyable and convenient. This can also be an excellent way to attract more candidates for your vacant positions. Having a working environment that is inviting, inclusive and fun to work in can often be one of the deciding factors when looking for jobs to apply for. This goes beyond the simple offerings of tea and coffee outlets. Examples of this are breakout zones and comfort areas within the office.
Recognition Programmes: Programmes that recognise and reward achievements on a regular basis can boost morale and encourage a culture of appreciation and excellence. Again, it is important that these recognition programmes are clearly defined and the parameters around them are explained to all staff members. These recognition programmes can be as simple as an employee of the month award or more complex and based on customer service and satisfaction. Professional recruitment companies will be able to talk you through any recognition programmes that they think might benefit your employees in your particular business sector.
Retail Discounts: There are lots of ways in which you can negotiate retail discounts for your employees. This could be working with local retailers to offer a discount to your staff, or it could be working with a larger organisation such as Perks at Work that offers discounts and rewards for shopping with several high-profile retailers across the country. This can be tailored to the demographic of the workforce. Offers from discounts on clothing to holiday cruises are available, and this wide variety means that a comprehensive range of products can be found.
Purpose: Last but by no means least, employees are seeking ways to find purpose in their lives more than ever. Providing your team with volunteering opportunities or tying incentives to Social or Environmental impact can have a huge benefit for all. This could involve anything from donating to a charity of choice in their name, to planting a tree for them on their birthday.
It is important to remember that whatever rewards you offer your employees need to be fair and accessible for everyone. You will also need to ensure that they are written into your employment contract and explained clearly in your staff handbook. This represents one of the best ways to appeal to the prospective workforce, whether it be the older, more experienced colleague or the younger employee looking for a new role.
