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Salary the Hottest Executive
Perk
By Monique Cole
In today's candidate driven
employment market, it's taking
more than just a company car to entice top managers and executives
to a new post. Perks such health club and country club memberships
are mere icing on a cake that is filled with bottom-line benefits.
"The company car is not a big deal,"
asserts Bob Heisser, managing partner of the Sequel Group, a
Denver-based executive search company specializing in the high
tech and telecommunications industries. "Typically it's
a Ford Taurus and (executives) don't want a Ford Taurus, they
want an SUV or a Porsche."
Heisser says that whenever he takes
on a new search with a client, he makes sure two things are offered,
whether it's for a mid-level manager or a CEO: "Good direct
W-2 compensation (salary) and a lot of stock." As retention
is also a challenge for today's companies, Heisser encourages
his clients to award top performers with financial bonuses.
Rather than a ski resort time-share
condo or a country club membership, for example, Heisser says,
"most people would rather see cash or stock." After
all, if they're making enough money, they can pay for their own
perks.
Living in Boulder County can also be
seen as a benefit in itself for out-of-town candidates, according
to Heisser. "Lord knows we've seen enough people coming
here for a year or two and they're still here 15 years later."
The educational and cultural opportunities offered at the University
of Colorado and in the Denver Metro area are also enticing.
In the future, Heisser predicts that
sabbaticals, "the rage of the '80s," will make a come-back.
With employees working up to 80 hours per week, a four- to six-week
paid leave of absence can help attract and retain top people.
"Those companies that have done it have lost a number of
people four or five months after a sabbatical," Heisser
says, "but they find that they would have lost those people
anyway." Cost has been the major deterrent for most companies,
but Heisser asserts, "(sabbaticals are) going to end up
becoming a trend because employee retention is so critical."
Just about anything goes in today's
benefits packages, according to Kathleen Hill, president of the
Strategic Search Group which specializes in accounting, finance
and software engineering placements. "I'm really seeing
a wide range of stuff," she says, "some things are
coming back, like company cars."
"The newest buzz words are flex
and balance," Hill asserts. Lifestyle friendly benefits
such as balanced work loads and flexible schedules are popular,
as are financial benefits such as signing bonuses up to $20,000,
stocks, and 401k plans. Some traditional perks like health insurance
coverage and retirement plans have been upgraded by removing
waiting periods so that employees begin reaping benefits as soon
as they walk in the door.
"We're still on the upswing, the
labor shortage has not even peaked yet," Hill explains.
"There aren't going to be any more people born in that age
range, so if (employers) want the right person, (they) will need
to be as creative as possible." Recruiting creativity often
results in a total package offering a wide range of financial,
educational, and lifestyle benefits. (See "Hot New Total
Package Offers.")
However, Heisser warns potential employees
not to get too carried away.
Feeling they have the upper hand in employment negotiations,
even candidates for lower level positions sometimes make unreasonable
demands. "A short supply could go to a big supply (of qualified
candidates) in a few years," Heisser points out. "Candidates
need to be realistic about their demands and realize that employers
have a long memory."
Hot New Total Package Offerings
- Salary
- Bonuses (quarterly, annual, performance,
project completion)
- Reviews with raises (quarterly or semi-annually)
- Signing bonuses
- Relocation expense coverage
- Work wealth (profit sharing, stock
shares or options, 401k plans, additional retirement plans)
- Flex time
- Subsidies (tuition reimbursement, professional
organization memberships, health or country club memberships,
training, conferences, sports and theatre seson tickets)
- Remote and telecommuting (full or part-time)
- Toys (company cars, laptop computers,
cellular phones)
Source: Anthony R. Byrne, national
recruitment expert and creator of the Placement 2000 seminars
and video series
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