Within the world of financial recruitment, it can be a minefield in trying to figure out what the best candidates want from their employment – higher salary or better benefits. It all comes from the general confusion over the last four years, and general uncertainty about everything will pan out in the future.
Five years ago, the financial landscape was much different. 2020 changed everything for everyone and we have struggled to find even ground since. The biggest restructuring came from what people wanted for their employment and career focus.
Big Fish With a Big Focus
Salaries have been the big focus point for many candidates, especially if they have families they need to support. The shake-up in the economy has made these candidates view that time is precious, and they don’t want to enter at a lower rate than they are worth and build themselves up.
No employee wants to enter a new position and instantly feel deflated, leading to them looking for a new job within months when the costs around the job start to overtake. There is a divide between candidates knowing their worth and an employer realising worth, which is why the market is so competitive for attaining the best hires.
There is a lot to consider before committing to higher salaries. Maybe it is not the only option that appeals to a candidate. For some, more generous workplace benefits can be the solution that entices those high candidates. Striking the right balance makes all the difference, and it is a balance that a financial recruitment agency can get right.
Offering Pay Rises
Paying a high salary is undoubtedly appealing to every candidate, but the potential for yearly pay rises to combat the rising inflation speaks volumes.
However, if everyone was on the same pay rise level, what would appeal to these high-quality hires if they feel their efforts are rewarded the same as everyone else? Performance-based pay raises offer a more effective alternative in the current economy, basing wages on the candidate’s market value, skills, and qualifications within your business, and raising salary based on factors like output and work quality.
Working with a financial recruiter, you can look at how much a competitor pays for the position you want to fill and offer to beat or match them. That helps to keep the focus on your company.
Perks
Providing employee satisfaction is something that you should focus on upfront in the offer process. Knowing the personal interests of a high-profile candidate can help you navigate their interest in your position and the perks it presents.
Most candidates focus on personal fitness, well-being, and childcare so they do not have to cut their working hours due to personal responsibilities. Having the ability to tailor workplace benefit schemes can include gym memberships or discounts, mental health awareness breaks, childcare allowances, and travel reimbursement schemes, helping candidates realise that the perks of working with your business benefit their lifestyle above all else.
To fine-line all of these most sought-after desires of a sought-after candidate, you can work extensively with a recruitment specialist in Manchester. The team at Imperium will offer advice on salary benchmarking and expected workplace benefits, thanks to the vast knowledge of working in the financial sector and appealing to the current employment climate.
Higher salary or better benefits? Contact the team at Imperium today.
