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Salary Still Tops
Survey Finds Salary Remains Top Draw for Job Candidates but Benefits Gaining in Popularity
TORONTO - A recent survey suggests that successfully wooing job candidates takes more than salary alone. While 31 per cent of chief financial officers (CFOs) interviewed said offering higher compensation than competitors is the most effective incentive for attracting accounting professionals, 20 per cent felt the benefits package had the greatest influence, up from 1 per cent five years ago.
The findings also suggest traditional incentives are a higher priority
today: While the popularity of benefits surged, the number of financial
executives who feel telecommuting and flexible work schedules are the top draw
fell 8 points, from 28 per cent in 2003 to 20 per cent in 2008, on par with
benefit packages.
The survey was developed by Robert Half International, the world's first
and largest staffing services firm specializing in accounting and finance, and
conducted by an independent research firm. It was based on telephone
interviews with more than 270 CFOs across Canada.
The survey results further suggest that extended healthcare costs have
increased the value workers place on benefits options, and employers need to
respond accordingly. "Companies that do not provide comprehensive employment
packages, including competitive compensation and benefits packages, risk
losing top job candidates to other opportunities," said Max Messmer, chairman
and CEO of Robert Half International and author of Human Resources Kit For
Dummies(R), 2nd Edition (John Wiley & Sons, Inc.).
CFOs were asked, "In your opinion, which one of the following incentives
is most effective in attracting top accounting candidates?" Their responses:
2008 2003
---- ----
Higher salaries than competitors .................. 31% 46%
Benefits package .................................. 20% 1%
Telecommuting and/or flexible work schedules ...... 20% 28%
Signing bonuses ................................... 4% 7%
Extra vacation days ............................... 4% 11%
Other ............................................. 1% 1%
None/not offering any ............................. 1% 5%
Don't know/can't choose just one/no answer ........ 19% 1%
---- ----
100% 100%
Messmer added, "Whether it's higher salaries and enhanced healthcare
coverage or accelerated career-advancement opportunities, employers should
determine and effectively communicate what makes their company a great place
to work when speaking with prospective employees."
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