Salary and Benefits within General Accountancy Practices

Thomas Wood 03.05.2018

Last Thursday, the Morgan McKinley General Practice team hosted its inaugural salary & benefits seminar.

Salary and Benefits Seminar

To coincide with the release of our salary survey last month, the seminar predominantly focused on the benefits that Accountancy firms can offer their staff, with the aim of improving staff retention as well as being able to attract the best candidates.

Using the Morgan McKinley benefits journey as a case study, we were able to share how these benefits changes have significantly improved business performance and staff attrition, and how these can be introduced and implemented  across General Practice in particular.

Salary and benefits seminar

An intergenerational workforce

The basis of the seminar was focused upon how diverse the workforce has become and that when offering benefits to your employees, you have to cater to various generations: Baby Boomers, Generation X, Millennials as well as the emerging Generation Z, whose requirements all differ greatly.

Discussions were primarily based around Millennials due to the fact that by 2020, 50% of the UK workforce will compromise Millennials, and that is expected to rise to 75% by 2030. Comprehensive research has found that flexibility, a clear career path, strong company values and consistent upskilling are consistent aspects that a Millennial looks for - this was fundamental to the approach that we at Morgan McKinley used when updating our benefits package.

Benefits that can easily be implemented

Whilst a competitive salary and a pension scheme remain important, it is essential that firms’ benefits reflect that they care about the individual and puts trust in them to be able to perform to the best of their ability, allowing them to work as fluidly as possible.

What is also key to note is that many of the changes introduced at Morgan McKinley cost very little or nothing at all to the company. Flexible hours, access to social media at work, increased holiday allowance and structured training were all initiatives that have garnered trust and flexibility, but cost next to nothing.

Listen to your employees

Covering off “what” new benefits we offered and “why” we did it led to the inevitable question of “how” it could be done. Simply put, introducing new benefits that you, as a Business Leader, thought your employees would want is not enough. What is absolutely integral is that you talk to your employees and ask them what they want. This will again show that you trust them and allow them to play a part in how a business moves forward.

Thanks to all those who attended the seminar, we hope you found it useful and if you would like any further information, do not hesitate to get in contact. We look forward to welcoming you to future events, and if you would like to arrange a market update meeting, or speak to us about any roles you may be looking to fill, please do not hesitate to get in touch. | 02070920228

If you would like a copy of the presentation slides, please contact me.

Thomas Wood's picture
Manager | Audit Recruitment, General Practice