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PQ magazine for part qualified accountants.
Read the latest web issue here, if you like what you see sign up today |
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Money isn't everything |
What you get paid each month is very important, but it shouldn't be the only thing that helps decide about a new job
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Of course money is important, but there are a whole host of other factors that impact upon the 'attractiveness' of a job opportunity – whether it is in a new organisation or with your existing employer.
According to a recent survey by Reed Accountancy, salary and earning potential aren't the most important factors when it comes to deciding on whether or not to accept a job offer. In the 2008 Reed Accountancy Salary & Benefits Survey, 68% of respondents said that the benefits package on offer actually affected their decision on whether or not to take the job.
In almost all instances, the final yes or no decision is only made after evaluating the whole employment package on offer – including basic salary, location, scope for flexible working, corporate reputation, training and development opportunities, promotion prospects, job security, pension provision, sickness cover, holiday entitlement and the full range of associated benefits.
Benefits
Surprisingly – at least it was for many employers – free car parking came top of the list of benefits valued by employees in the 2007 Reed Accountancy Salary Survey. This difference between employers' perceptions about how benefits are valued and reality clearly demonstrates how organisations misjudge employees' views and so don't take heed of the actual benefit preferences of staff. As well as negatively impacting on the recruitment process, failing to offer a suite of benefits that is truly appreciated by employees can also have a detrimental effect on staff retention.
The mismatch in benefit values between employees and employers continued in the 2008 Reed Accountancy Salary & Benefit Survey, where over 83% of employers said they felt employees were satisfied with their benefits scheme. The reality was quite different, with more than half (52%) of employees stating their dissatisfaction with the benefits on offered.
That said, the benefit that candidates reported as most valuable when seeking a new role was also the same benefit that employers believed was valued most by candidates – 25-plus days of holiday.
The gap between the benefits offered and the benefits that employees value is decreasing, but because there is no uniformity in benefits offered, candidates should certainly take care to find out exactly what benefits are available with each opportunity.
This year, the top five most valuable benefits listed by employees were:
1 25+ days holiday 14%
2 Sick pay 12%
3 Flexible working 10%
4= Training & development plan 8%
4= Private health care 8%
Staying put
Surprisingly, when existing employees were asked what factors had the greatest impact on whether or not they stayed with their existing employer when they changed jobs, a good working environment topped the list of most important aspects:
1 A good working environment
2 Job security
3 Reward and recognition
4 Promotional opportunities
5 Training
Career development and appropriate training to make these opportunities a reality are especially important to part qualified and near qualifieds, but here again there is a significant disjoint between the satisfaction levels of employers and employees with what's available.
Less than half (44%) of employees were satisfied with the training scheme their company currently offers, while more than two-thirds (68%) of employers thought their employees were satisfied the training offered.
When looking for a new role, employees responded by saying that by far the most attractive training support is that which is allied to professional courses and/or accredited qualifications.
Looking ahead to 2009, the state of the UK economy could trigger some marked changes in the values candidates give to the different elements of a job offer, with job security likely to rise up the rankings.
* For find out more about the survey
go to www.reedpressoffice.co.uk. |
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| [«all Career Advice] |
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