Unlock Value Beyond Salary: Top Alternative Benefits to Offer Employees

When it comes to attracting and retaining outstanding employees in the accounting industry, a competitive salary is just the tip of the iceberg (and not always the driving factor for accepting a role). Today's job seekers are looking for comprehensive benefits packages that go beyond the paycheque or a bonus, with a range of perks that contribute to their overall job satisfaction, work-life balance and personal growth. As you strive to stand out in a crowded job market, here are the top alternative benefits* to consider offering as you work to recruit and retain top talent.

*They are in no particular order as we know everyone’s priorities vary.

Candidates: What are your priorities outside of salary? Remember that you can also negotiate on the benefits that provide value for you.

Flexible work arrangements

The accounting industry demands attention to detail and dedication, but professionals also value the flexibility to balance work and personal commitments. Offering options like remote work, flexible hours or compressed workweeks can greatly improve employee morale and productivity. Another option to consider is the four-day workweek.

Professional development opportunities

Do not underestimate the value of study support for a junior member of staff. When you invest in your employees' growth through training, workshops and certification, it not only enhances their skills but also demonstrates your commitment to their career advancement. Opportunities for progression can lead to improved job satisfaction and a stronger sense of loyalty.

Health insurance

Private medical insurance is an underestimated employee benefit that provides your employees with an alternative to NHS services. Depending on the policy chosen, your insurance can cover anything from consultant appointments, surgery, cancer treatment or routine medical care such as dental checkups. Employees will benefit from fast, high-quality care without the waiting list.

Wellness programmes

A healthy employee is a productive employee. Consider offering wellness initiatives such as gym memberships, wellness challenges and mental health support to show your team that their well-being matters.

Generous leave policies

Beyond standard vacation days and parental leave when applicable, consider offering additional options like sabbaticals and paid volunteer time to encourage a healthy work-life balance and support personal interests.

Financial wellbeing support

Accounting professionals deal with numbers all day, so offering financial wellness programs and resources can help employees manage their own finances effectively, reducing stress and improving their overall financial health.

Pension contribution matching (above the requirement)

As the pension age creeps ever higher, employees are increasingly looking for a benefits package that helps them save money for their retirement. Additionally, every UK business is legally required to provide a workplace pension as part of its employee benefits package. Therefore, the amount you contribute on top of the legal requirement is a crucial factor that will help you stand out from other employers.

The extra pension top up also helps your employees feel valued. It shows them that you are committed to their wellbeing, even when they're no longer employees.

Recognition and rewards

Acknowledging and rewarding exceptional performance can boost morale and motivation. Implement a robust recognition program that includes monetary awards, promotions, and public acknowledgment of achievements.

Family-friendly benefits

Supporting employees in their roles as parents can make a significant impact. Consider benefits such as on-site daycare, childcare subsidies and flexible parental leave policies.

Mentorship and networking opportunities

Connect your employees with mentors and provide opportunities for them to expand their professional networks. This not only aids their personal growth but also benefits the company through knowledge sharing and increased industry connections.

Employee discount scheme

An employee discount scheme can help your people save money on everyday essentials or give themselves a treat. This can help to reduce their financial stress and look after their wellbeing. Various providers can help you to create a discount scheme as part of your employee benefits and perks. Options include discounts on transportation, cinema tickets, coffee and holidays, and wellbeing discounts such as discounted gym memberships, fitness trackers or mindfulness apps.

Note: If you plan to offer medical insurance, many providers include benefits and discounts as part of their offering.

Employee Assistance Programs (EAPs)

Life can be unpredictable, and employees may face personal challenges. Access to counselling, legal advice, and other support services through an EAP can be a valuable benefit for your team.

In a competitive job market, UK accounting employers need to differentiate themselves with a comprehensive benefits package that speaks to the diverse needs and aspirations of their workforce. By recognising the value of these alternative benefits beyond salary, companies can attract, engage and retain top candidates. All while contributing to their own success in the long run.