Recruiting Top Talent by Offering Top Benefits
Posted by Website Director on Feb. 9, 2023 / Blog / Subscribe 0
In talking to our business owner clients and C-suite professionals, we ask what are the keys to maintaining and growing your institutional knowledge within your firm. Without fail, they say the key to recruiting top talent is first to keep the talent you have. During the pandemic, we saw many different approaches to management styles and successes. Employees researched options for employment at other firms and in other industries. What they found was that the benefits of their employment could vary vastly from one employer to another.
During the pandemic, we saw more employees change jobs than during the previous several years. Yes in many cases people changed jobs for more money; however, many others people changed because of better benefits. The days of an employer setting up a 401k plan with high fees, offering expensive healthcare, and saying you have something setup are over. Due to changes in federal laws, employees have more access to information than ever before. The Secure Act 2.0 has changed many aspects of the retirement landscape. Now, employers have a fiduciary responsibility to disclose the fees in their 401k plans and some employees are suing their employers for failing this fiduciary role. As information became available, employees started to compare their options. All of a sudden two employers paying the exact same amount became very different when benefits were taken into consideration.
The smart firms embraced the changing environment by benchmarking their traditional benefits packages and by exploring the new non-financial benefits employees want. Looking beyond health and retirement plans, employers began offering unlimited vacation days, remote working for an increased number of employees, paid certifications/trainings, and other non-financial perks. Working wisely and not burning out became as important as working hard. Employers that embraced this holistic approach both recruit top talent AND keep their top talent thus saving the business knowledge leakage as well as significant money and making the company more profitable.
About Ty McGilberry AIF®
Chief Executive Officer & Managing Partner, Pegasus Financial Planning
As a financial advisor, Ty works with individuals, families, and businesses to consult on their financial goals and objectives. He worked at the mutual fund giant Vanguard for over 10 years. During his time at Vanguard, Ty served and educated the individual investor, retirement plan sponsors and participants, and financial advisor markets. After leaving Vanguard, Ty launched his practice as a financial advisor. He built on his foundation of investment knowledge from Vanguard by adding in the comprehensive financial planning process that puts the client first and foremost. Ty serves a very diverse clientele by offering each client a plan uniquely crafted to meet their goals and objectives. After building his practice, in 2017 Ty created Pegasus Financial Planning. His vision was to create a firm where advisors worked together to focus on educating and serving their client while following the fiduciary standard.
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