Salary: Not Always the Most Important Incentive

We all know that salary is important and that it is a key driver in what makes us decide whether to even apply for a job in the first place, but what else is there to consider? Quite simply – a lot!

For most of us, we want to get the work-life balance just right – so we need to think of all the other factors that will affect not only our day to day working life, but the bonuses and benefits that will compensate us for the hours spent at work, away from family, friends and hobbies.

So as a company that wants to attract and retain high-calibre staff, what can you do to ensure you stand out from the crowd?

In short, you need to appeal to both the professional and the personal expectations and wants of your staff.  They will have specific professional expectations, such as a bonus, hybrid working or a certain number of days holiday, but there will also be things they want, like private medical cover or a company car allowance.  However, it’s the things that they haven’t even thought of that will make your company stand out, the differentiating factors that will make them choose you and more importantly choose to stay. So what key incentives are we talking about?

It’s all about the whole reward package that you are offering.  What will candidates gain from you, that they cannot from any other company?

• Market-Leading Salary: Every candidate wants the best salary they can get and offering a salary that exceeds industry averages can be a strong draw
• Performance-Based Bonuses: Introducing incentive-based compensation like annual bonuses, profit-sharing, or stock options tied to performance goals, will provide motivation for those seeking long-term rewards, and keep your top talent thriving and enjoying working hard for you
• Extensive Personal Care Benefits: A full range of the expected benefits is obviously essential, but it’s the extra, well thought out ones that show that you value the personal wellbeing of your employees.  Benefits that look after the mental health and wellness of your employees, such as gym membership, a day’s holiday on their birthday, or time off for volunteering, are the things that will make you stand out
• Relocation Assistance: Offering relocation packages can ease the transition for candidates moving from another location. This means top talent from outside the local area may be more interested in applying, thereby giving yourself access to a wider and more diverse talent pool
• Tailored Incentives: Some companies are tailoring their offers based on the individual candidate’s preferences (e.g., offering equity to those interested in ownership or flexible work to those prioritising work-life balance). Doing something like this can make your offer more compelling

Now more than ever, the need for a flexible work-life balance is paramount.  A healthy and happy employee will be more likely to give their all for you at work, and remain with your company – with all that you offer, why would they want to leave?

• Flexible Work Arrangements: Options like remote working, flexible hours, and hybrid models are highly attractive to many top professionals, especially after the pandemic has illuminated the benefit of this working environment
• Time Away From Work: Generous holiday allowances, personal days, or unlimited Paid Time Off (PTO) policies can certainly make your company more appealing. Offering sabbatical programs after a certain period of service can attract candidates seeking work-life enrichment and personal growth. Downtime is so very important for preventing burnout and stress
• Parental Leave: Offering extended maternity, paternity, or caregiver leave demonstrates a commitment to supporting employees’ family needs, and shows that you care
• Office Amenities and Social Events: On-site perks like catered meals, wellness programs, childcare, or recreation areas can boost your company’s appeal. Whilst regular team-building events, retreats, or employee appreciation days can create a sense of community, once again contributing to that all important work-life balance

There are very few top candidates who aren’t focused on career progression and doing the very best they can.  Supporting them in this need will have huge benefits for both you and them.

• Clear Path for Advancement: The companies that highlight how candidates can grow and be supported whilst doing so, will attract more talent.  Providing a structured career progression plan with regular reviews that are followed up can be a big incentive.  The companies that truly care are the ones that retain their valued employees
• Training and Development: Offering funding for certifications, study-leave, advanced degrees, or access to industry conferences and workshops will help candidates continuously develop their skills and progress in their career
• Mentorship Programs: Pairing new hires with experienced and trusted mentors can attract top talent looking for personal and professional guidance. Mentorship will ultimately help to provide a valued member of staff who is aligned with the ethos of the company and can quickly get up to speed, but with all the support they need in the background

We must never underestimate the importance of this. The culture, values and ethos are so very specific to each company – no two are the same – and it is essential that your hires share these company values. Employing the help of a good Talent Manager who knows you well and takes the time to get to know all their candidates well too, can ensure that any candidate is a perfect match for your company.

• Inclusive and Diverse Workplace: Candidates often seek out companies that foster diversity, equity, and inclusion. Showcase your efforts in building a welcoming, inclusive culture and be clear on how you will receive, encourage and support every employee
• Purpose-Driven Mission: High achievers are drawn to companies that not only have values that align with their own, but also those with a strong mission – those that are as driven as they are!  They may also be very keen to ensure they are working in a socially responsible environment with sustainable practices, so be very clear on your undertaking in this respect
• Engaged Leadership and Support: Ensuring you have a culture of open communication and transparency from leadership can enhance the company’s appeal.  A management team that leads by their strong, honest example and is also supportive and approachable with a reputation for following through on their offers is a huge incentive to candidates.  Your reputation for this should be known in the industry

With technology advancing exponentially these days, its use in wealth management (Wealthtech), is now commonplace. Young and older candidates alike expect it to be available for their client’s use and for their own benefit.

• Investment in Innovation: Emphasising a commitment to using the latest Wealthtec, research and development or innovation initiatives can attract candidates looking for dynamic, forward-thinking environments.  Top talent will always be on the lookout for anything that will help give them the edge in providing the best possible advice to their clients, and to help them progress in their career.

Your EVP is crucial and needs to be well thought out, so candidates are aware of what it means to work for your company. Check out our article on this very subject: “Employer Value Proposition in Wealth Management Recruitment”

• Strong Employer Brand: Building and promoting a positive, well considered employer brand, both online and in the marketplace, can make top talent more likely to consider your company. Showcase all the reasons why they would be mad not to want to work for you
• Industry Recognition: Highlighting the successes of your company, be it accolades for innovation, excellent leadership, or social responsibility, will make candidates stand up and take an interest.  Your reputation should be positive and well known in the industry – if it isn’t you’re doing something wrong!

By combining competitive compensation with opportunities for personal growth, flexibility, and a strong company culture, businesses can position themselves as desirable employers for top-tier candidates.

Using a Talent management company like Truestar Talent can put you further ahead of the game as we know you inside out, and we can hand select those candidates who are a perfect match for your company.  Give us a call to find out about our amazing candidates who are just waiting to find their perfectly matched, happy, long-term home.