The Groundwork of Building a Salary Package

Before deciding on how to set a salary and benefits package for a new employee, take these steps to ensure what you are offering is fair and has approvals from the organisation’s relevant decision makers.

Passionate

The word “passionate” is often referred to as a buzzword and is found in the CVs of many applicants. However, the term is too broad to have enough substance. With everyone using it, including it in your technology CV may not help you stand out.

Conduct Pay Benchmarking

Before considering non-salary benefits, hiring managers need to understand the base salary or pay rate for a role. Benchmarking, with the help of a technology recruitment professional who can give you the latest market data on salaries, is the most accurate way to do this. (We can help!)

Consult HR and Finance Teams

Collaborate with HR and finance to ensure the salary base and package is viable. Having the green light for a salary budget is critical before you start recruiting for the role.

Understand the Candidate’s Priorities

Having gained the necessary approvals for a salary budget, the next most important stage is customising the package on offer to the candidate.

The aim is to create a remuneration package that is tailored to the candidate’s wants and needs, without offering one-size-fits-all benefits. Some candidates might prefer flexible or hybrid working arrangements, while others might be more enticed by a learning and development package. The only way to find out is to ask!

During interviews, gauge what is most important to the candidate aside from salary. If you are working with a technology recruitment specialist, we have this conversation with candidates before the interview stage as part of our screening process.

Key Non-Salary Benefits

Here’s a guide to the various non-salary benefits organisations can offer. Using the steps above, you will need to consider how to combine these benefits effectively when making a job offer to a candidate.

Salary Sacrifice Options

Commonly available for positions in public service and not-for-profit organisations, salary sacrifice is also a great option for employees in the private sector. Expenses that can be salary sacrificed include work-related expenses such as mobiles, laptops, vehicle and travel allowances, relocation allowances or self-education costs. Salary sacrifice options also include additional super contributions above the compulsory Superannuation Guarantee (currently 11.5% of an employee’s ordinary earnings).

Paid Parental Leave

The proportion of employers stepping up to offer paid parental leave beyond the government scheme is 63%, according to the latest WGEA data. Offering this family-friendly perk is a great way to set your organisation apart from those not providing it!

Bonus and Incentive Schemes

Performance-based bonuses, profit-sharing, or stock options can be powerful incentives for candidates and rewards for employees.

Additional Leave Entitlements

Extra annual leave, study leave or paid time off for volunteering have become more popular in recent years. One Australian survey indicates as many as 49% of employees under 30 years old and 48% of 31 to 50-year-olds want additional paid leave.

Health Insurance

With more than half of all Australians covered by private health insurance, subsidising all or part of employee’s premiums is an increasingly desirable non-salary benefit.

Childcare

With the rising costs of childcare, providing access to on-site childcare facilities or subsidised childcare services can be especially attractive for working parents.

Professional Development

Access to training, certifications, workshops, or the chance to attend industry conferences can help employees grow their skills and advance their careers. Helping employees build skills makes them even more valuable to your organisation, as well as making your workplace more attractive. Benefits could include providing a clear annual budget towards learning and development, plus paid “Study Leave” days to complete assignments. Professional development could also include providing clear pathways for promotion, mentorships, or cross-training opportunities.

Other Discounts and Perks

You could also offer access to discounts on company products or services, corporate discounts on external products (like travel, technology, or retail), and other perks like free or subsidised meals.

Non-Monetary Employee Benefits

Non-salary benefits also extend to perks that are not based on a monetary reward. These can be just as popular as monetary benefits. In fact, we recommend employers incorporate these benefits into their overall offering to candidates as standard.

Flexible Working Arrangements

Options such as remote and hybrid working, flexible hours, compressed work weeks and part-time opportunities have more currency for candidates than ever. They also present multiple benefits to employers. As one AHRI survey of employers notes, hybrid working offers better work-life balance (77%), higher employee retention rates (62%) and a greater ability to attract candidates (61%) – all excellent reasons to prioritise flexible working.

Employee Recognition and Awards

Celebrating your team members’ efforts – with an employee of the month award, quarterly prizes or team social events, are all low-cost ways to make employees feel appreciated. You can also use these efforts to highlight your positive workplace culture on social media channels and your company website, which helps with talent attraction.

Volunteer Leave Day

Offering volunteering leave days demonstrates your organisation’s commitment to social responsibility while promoting work-life balance. Offering paid time off specifically for volunteering in their communities can boost morale, foster a sense of purpose, and enhance employee engagement. This perk not only benefits local causes but also helps build a positive company culture that values giving back. By encouraging employees to participate in meaningful volunteer activities, organisations can strengthen team bonds, improve overall job satisfaction, and enhance your reputation as socially conscious employer.

These non-monetary incentives can be highly effective in attracting and retaining talent, especially when aligned with your organisation’s goals and values, and with employees’ needs.

Get Tailored Employee Package Advice from Our Technology Recruitment Specialists

For tailored advice on non-salary benefits as a talent attraction tool, how to set a salary for a role, or with help in building your team, Emanate Technology has the expertise to guide you. Get in touch with our knowledgeable technology recruitment specialists in Canberra, Melbourne, Brisbane or Adelaide today.