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Do benefits matter more than salary?

Posted by Rowan O'Grady, Hays Canada President, on Wednesday, Feb 11, 2015

blog feb 10 imageNot every company can offer the top dollar and better benefit packages are becoming the norm for attracting and retaining top talent. What are the new minimums companies are offering, and what can candidates demand from a potential employer?

Some employers aren't ready to increase their total compensation spend and are looking at other options for meeting staffing needs.

More than 60 per cent of accounting and finance employers say salaries will increase by less than three per cent in 2015, with many companies are focusing on benefits to improve attraction and retention of top talent.

Candidates are savvier about benefits and perks so companies need to leverage their total compensation package, as well as incentives such as flexible work options to attract the best talent.

Almost a quarter added new benefits including flexible start times or work from home options in 2014, and 30 per cent expect to add benefits in 2015. High on the list of priorities for candidates is vacation and work-life balance soany benefits that enable this are highly desired.

The market is still not fully recovered from the 2008 economic downturn, which causes some employers to be more cautious about hiring. From relying on temp workers to fill gaps, to looking for candidates with hybrid skills or the exact experience for a role, companies are hesitant to hire untested permanent candidates, preferring temp-to-perm as a way to ensure an employee is a good fit. However, in tighter markets, organizations do not have the luxury of being fussy.  When searching for a candidate in a shallow talent pool such as mid-level, experienced analysts or project accountants, hiring managers need to move quickly or they will miss out on that talent.

VIDEO
Learn more from the Market Update Video, including high demand skill sets, regional trends and salary expectations.

Want to learn more? Request a copy of the full Hays 2015 Salary Guide.

Talk to Rowan O'Grady, Hays Canada President, on the Canadian labour market.

 

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