5 ways to curate the ideal compensation package

The demand for experienced Australian insurance and superannuation professionals continues to outstrip supply. And in such a candidate-driven environment, how do you ensure your company stands out and attracts the very best talent?

The key may lie in the design of your compensation package.

How to go beyond the pay packet

As an insurance or superannuation industry manager, you likely aim for that elusive holy trinity: to attract, secure, and retain the best employees in the industry. If you’re open to carefully curating your compensation package to match individual candidates you can make this a reality.

Here are the top compensation benefits to consider:

1. Flexible work

It’s clear the global pandemic has shifted the way people work across most industries, with many enjoying the benefits that flexible working conditions bring.

A recent Skillsoft survey of more than 2,300 workers and job seekers across Australia, Malaysia, and Singapore reflects this. It found that only 11% are content to revert back to their pre-pandemic working ways. Almost 90% said they wanted to adopt at least one COVID-19 practice permanently in their daily lives. Of these, 59% said they wanted more flexibility in their working hours and 58% are seeking a permanent work from home option. While this is just one study, there are many others worldwide producing very similar results.

If you want to stay a step ahead of your competitors and attract those top candidates, you should be aware of this strong employee desire for greater work flexibility, and adapt your compensation package to suit.

It may be a permanent hybrid option, with weekly set days in the office and working from home, or it could be flexibility around start and finish times. By doing this, you’ll not only entice candidates to consider your role but will also enjoy greater employee engagement and retention.

2. Mental wellness initiatives

The pandemic has highlighted the importance of employees’ mental wellness. Forward-thinking companies are quick to incorporate a range of mental health initiatives into their compensation offering, thereby setting themselves apart from the crowd.

Consider activities like subsidised wellness sessions covering physical and mental wellbeing activities, often done on company time (for example, meditation sessions and yoga workouts). Instituting an Employee Assistance Program, a confidential counselling service that supports employees in both their work and personal lives, can also be an attractive option.

3. Continued professional development

Top insurance professionals strive to stay on top of their certifications, understanding this is key for career enhancement. The best candidates will want to know what you can offer by way of professional development and training. Aim to incorporate a mix of on and off-site courses and certifications, mentoring sessions, as well as the chance to attend industry conferences and workshops.

4. Evidence of a strong company culture

While remuneration is important, a good working culture is also high up on an employee’s ‘wants list’. When considering your role, top talent will go searching for evidence of this.

It’s imperative to not only ensure your leaders embody your visions and values in their everyday work practices, but that it’s clearly demonstrated across your digital channels, like your website, social media and professional networking profiles, and review sites.

Try to focus on showcasing who you are and what you stand for along with working examples to back it up.

5. Extra compensation options

While the above are the major compensation benefits potential employees seek, here are a few others you should consider:

• increased super contributions
• extra paid paternity leave
• discounts on insurance products
• volunteering opportunities.

The bottom line – personalisation is paramount

Every candidate is unique, as should be their compensation package. Interviews are an ideal opportunity to uncover what benefits are most important to each potential employee. When crafting your job offer, circle back to this discussion and pick the most relevant compensation components for the candidate.

You can take your compensation offering one step further by allowing employees to swap out existing benefits for new ones should their circumstances change during their employment. For instance, extra paternity leave for a new parent.

Another positive with a flexible compensation approach is your company will quickly become known for it. This may make it easier to entice future top talent, not to mention the flow-on effects for your employer brand.

Need extra help?

Should you need further assistance in curating your compensation package, or sourcing top talent, our Rowben recruitment specialists are just a call or email away.