Professional services organizations — accounting firms, business consultants, law firms and so on — are always looking to find top talent. According to the Bureau of Labor Statistics, the professional and business services will continue to grow at above-average rates through 2024, meaning employers will continue to compete for skilled workers. Top-of-the-line benefits always help with recruiting; these examples in the industry can help you determine whether yours are competitive.
Many professional services firms offer benefits that help protect families and their assets in the event of an unexpected injury or death. Lawyers, accountants and financial planners know the realm of estate planning all too well. These professionals typically understand the need for life insurance and given the chance to buy additional affordable coverage at an affordable price, they will do so to protect their families.
PwC, for example, offers basic group term life insurance as well as options to purchase supplemental life insurance, accidental death and dismemberment, and business travel insurance. Offering adequate coverage and voluntary options with long-term care riders goes a long way with employees of professional services companies.
Because many professional services jobs are based in an office and involve some measure of flexibility when meeting with clients on their schedules, employers in the professional services industry are well-suited for offering flexible scheduling such as compressed workweeks, delayed or early start times, and telecommuting. Orrick, Herrington & Sutcliffe offers a highly flexible program called “Agile Working,” which includes working from home, job sharing and remote work. In addition, it has in-house career coaches who can help advise employees who are looking for flexibility in their schedules and the opportunity to work reduced schedules.
This flexibility can extend to time away from work among professional services companies. Talent Plus offers unlimited vacation to employees, while Deloitte has a flexible PTO program that includes vacation, personal time off and sick time on an accrual basis that can be carried over to some extent into the next year.
Employees consider the opportunity to earn more than a base salary a valuable benefit, and professional services employers are able to offer many of them. One of the most notable ones is Deloitte, which offers a rare defined benefit pension with an early retirement option at 50. These pensions are not often seen outside of collectively bargained agreements, and are considered a top benefit.
Other companies, such as Talent Plus, may offer profit sharing and stock purchase opportunities, while PwC offers “milestone awards” and annual performance bonuses. Kimley-Horn offers incentive bonuses as well, and Amaxra gives referral bonuses to employees.
Many professional services firms offer a variety of health insurance plans that tend toward generous payments that attract and retain top talent. Administrative positions may be offered slightly less generous plans, but other positions may have perks such as 100 percent preventive care coverage.
Professional services firms often look to differentiate themselves by going above and beyond health insurance. PwC offers a program dedicated to educating and supporting nursing moms, for example. Deloitte provides a “well-being subsidy” meant to help employees improve their health. The subsidy covers half of qualifying expenses such as gym memberships, gym equipment or programs such as Weight Watchers.
Even though many professional services firms offer rich core benefits, many also offer a strong voluntary benefits program to supplement and fill in any gaps. For example, Kimley-Horn offers company-paid life insurance and short- and long-term disability, which are often underused but can be vitally important to protect an employee’s assets. PwC offers access to group legal coverage and other voluntary benefits as well.
Learning and Development
It’s important to keep people who work in law, accounting, staffing and other professional services up-to-date on their skills, and many employers offer strong learning and development benefits to do so. Kimley-Horn offers training and tuition reimbursement and in-house training, while Orrick, Herrington & Sutcliffe offers a mentorship program. At Deloitte, employees can participate in a paid sabbatical program to work on professional growth.
Winston Benefits is an HR solutions company that helps businesses enhance and optimize employee benefit plans, enrich compensation and rewards programs, and save money on benefits communication, enrollment and administration. Contact us to learn more.