What Should You Be Paying Finance Roles?
Talent acquisition in the finance and accounting industry can be challenging, as professionals in these roles provide expertise that is invaluable to a company’s bottom line and overall success. However, attracting in-demand candidates requires research into the current landscape of the industry’s job market to develop compensation offerings that align with job seekers’ expectations. Determine what you should be paying finance roles with these factors for consideration:
Current Market Value
What you have historically offered as a pay range for your finance jobs may no longer be relevant. If your base pay is significantly far off from market value, not only will you lose out on top talent, but it will also negatively impact your employer branding by making you look out of touch or even greedy. Look into salary averages both nationally and regionally to verify that your offer aligns with current market value, and if not, how much you will need to adjust accordingly.
Competition for Talent
Depending on your geographic area and specific position you are hiring for, the competition for talent may be high. If you are facing a scarce pool of prospective candidates, you must be prepared to do what it takes to make your offer as appealing as possible. Look into the number of openings for similar positions with comparable employers to ascertain just how much you will need to stretch your budget for finance role offers.
Benefits Beyond Salary
The base pay you offer for finance roles is not the only aspect of compensation to think about. You must also consider the benefits beyond salary that will add value to prospective candidates and make them more likely to seriously engage with your organization as a potential employer. This includes not only comprehensive health and retirement benefits, but also perks that could include flexible scheduling, remote work options, monetary bonuses, employee share plans, etc.
Audit Your Hiring Process
No matter how appealing your job offers for finance roles may be, if you take too long to extend it, you are very likely to lose out on candidates to other employers. Audit your hiring process to look for opportunities to be as streamlined as possible, such as by outsourcing to a recruitment firm.
Land Top Talent
Build your team by finding the best candidates with IFG. We provide accounting and finance staffing solutions to clients throughout Canada and the U.S. Our recruiting team has an expansive network of candidates and can help land top talent. Contact us to learn more about our recruiting services.