On June 14, The NYC CFO Leadership Council NYC.pngpresented 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:

NYC Speakers - June 2017.jpg

 

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 debbie@cfolc.com.  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. 

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