On June 14, The NYC CFO Leadership Council presented Comp, Benefits and Perks: Oh My!, a panel discussion focusing on the key pillars of a competitive and growing business – its compensation and benefits packages. Stressing the importance of adapting to employee needs, our speakers provided a variety of valuable insights.
Our Panel Included:
Here’s What They Advised Us:
- Employee benefits have a large impact on spending and, as a result, CFOs must work in conjunction with HR to develop long-term game plans and make sure that everything is affordable and structured correctly.
- To identify the key needs of employees, it is crucial to talk to them, as well as administer surveys, get feedback from recruiters, learn from focus groups, and utilize exit interviews.
- Total comp packages are very important. Flexible hours, location, supplemental insurance, student loans assistance, tuition reimbursement, CPA bonuses, CPE credits, stock options, and advanced training all play a major role in employee retention.
- Programs such as team offsite parties, casual dress, backup family care, new parent coaching, diversity networks, and recognition programs all help to drive camaraderie.
- Company culture in early start-ups should be less focused on base compensation and more on the experience gained and career path potential.
As for general advice:
- Always look at how benefits impact higher versus lower-comp employees.
- Be sure to fully understand the ROI of a program that is not in the budget to ensure that your company is competitive with the market.
- Clearly convey the value of your benefits packages.
- Keep employees engaged! Provide challenges, job rotations, and upward mobility.
For details about The NYC CFO Leadership Council, take a look at our chapter page or contact Debbie Lindner at [email protected]. And, don’t miss out on our next program on Wednesday, September 20, Ascending Through Leadership: Successfully Navigating The CFO Career Path. Registration is now open.