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 remuneration and employment package.
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 creating your remuneration and employment package to match individual candidates, you can make this a reality.
Here are the top benefits to consider:
1. Flexible work
The pandemic shifted the way people work across nearly all industries, with many enjoying the benefits that flexible working conditions bring.
There have been many surveys and reports published this year that highlight almost all employees want some flexibility around their working arrangements with the option to work from home being the number one preference.
If you want to stay a step ahead of your competitors and attract top candidates, you should be aware of this strong employee demand for greater work flexibility, and adapt your employment contract to suit.
There is no longer a one size fit all scenario. 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 highlighted the importance of employees’ mental wellness. Forward-thinking companies are quick to incorporate a range of mental health initiatives into their company offering, thereby setting themselves apart from the crowd.
Consider activities like subsidised wellness sessions covering physical and mental wellbeing activities, often carried out within business hours (for example, meditation sessions and yoga workouts). Establishing 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 and 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 they are clearly demonstrated across your digital channels, like your website, social media 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 benefits potential employees seek, here are a few others you could consider:
- Increased super contributions
- Extra paid maternity/paternity leave
- Discounts on insurance products
- Volunteering opportunities.
The bottom line – personalisation is paramount
Every candidate is unique, as should be their compensation and employment 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 components for the candidate.
You can take your 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 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 wish to discuss the appeal of your current employment package or are wanting to source top talent, our Rowben recruitment specialists are just a call or email away.