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Key incentives to aid staff retention

Key incentives to aid staff retention

For many employees scoping the marketplace for a new job, salary is not the only factor in their decision to move firms. We examine what other benefits interest staff.Most corporate lawyers…

For many employees scoping the marketplace for a new job, salary is not the only factor in their decision to move firms. We examine what other benefits interest staff.

Most corporate lawyers making their next career move do not consider their remuneration package to be their only driver to take up a new role. Especially in the current market, lawyers are becoming more interested in the benefits that the role may offer. How the mix of benefits is being offered should reflect the needs of both the employer and employee for it to be a successful arrangement.

They consider:

  • The type of work they will do and if this will be challenging
  • The ability to work closely with their client, in particular the executive management team
  • The ability to be more commercially involved in matters
  • Short-term and/or long-term incentives such as discretionary bonus and share scheme arrangements
  • Salary sacrificing opportunities, and
  • Work/life balance or flexible working hours including part-time opportunities

However, with all roles, culture, mentorship and career progression are the predominant factors influencing a move.

By Vivian Rekas, consultant - corporate, Mahlab Recruitment (Vic)

Related article >> Staff retention back on the agenda

 

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