Winning Benefits Strategies for Small Accountancy Firms

In a world where the big firms seem to have it all, how can smaller accountancy practices craft benefits strategies to make their mark and attract top talent?  The answer isn’t in trying to outspend the giants, but rather in outsmarting them. By offering the flexibility and personalisation that the big players often struggle with, you can stand out and make your firm the one everyone wants to join.

Flexibility is your new competitive edge

We’ve all heard the buzz around flexibility, but our 2024 Benefits Survey confirmed that it’s not just a trend—it’s a necessity. The top three benefits that accountancy professionals are asking for are:

• The Four-Day Work Week: Imagine having a three-day weekend every week. It’s not just a fantasy—it’s something some firms can offer to give employees the work-life balance they crave. This isn’t just about attracting talent; it’s about keeping your team happy and productive. 
• Enhanced Private Medical Insurance: Health is wealth as the saying goes. While a shiny salary is attractive, what keeps employees loyal is knowing their health (and that of their family) is covered. Smaller firms have the agility to offer more personalised health plans that go beyond the basics, including mental health support and family coverage. That’s something a grad might gloss over, but for a mid-career professional with a young family, it’s a game-changer.
• Flexible Hours: Forget the 9-to-5 grind. Flexible working is becoming less of a perk—and more of an expectation. Smaller firms can offer the kind of true flexibility that bigger firms struggle to. Whether it’s starting late to do the school run or working remotely from a different city, flexibility in hours shows that you trust your team to get the job done on their own terms.

One size doesn’t fit all

Here’s the thing: benefits aren’t one-size-fits-all. 

What a new grad values differs from what excites a senior accountant.  Yet, there’s an assumption that the same benefits will satisfy everyone equally, which of course isn’t the case. The rigidity of traditional benefits packages doesn’t just frustrate employees—it often leaves them dissatisfied. But this rigidity offers an opportunity for innovation.

In our survey, 70% of respondents said they weren’t overly satisfied with their current salary and benefits package. 

This points to a significant opportunity for smaller firms to differentiate themselves by tailoring benefits to meet diverse needs. This could be as simple as offering a benefits allowance—a model that the Big 4 uses effectively—where employees get a set amount to spend on the benefits that matter most to them. It’s flexible, personal, and efficient.

Getting started

Here’s how smaller accountancy firms can turn these insights into action:

• Start a Conversation with Your Team: Don’t assume—ask. What do your employees really want? A quick survey or informal chat can provide invaluable insights.
• Embrace Flexibility in All Forms: Whether it’s the four-day week, flexible hours, or a personalised benefits pot, flexibility is your secret weapon. Use it.
• Promote Your Unique Offerings: Highlight your flexible benefits in job ads, on your website, and during interviews. Make sure candidates know what you offer which makes you stand out from your competitors.
• Streamline the Process: Yes, admin can be a headache, but there are tools and platforms that make managing flexible benefits easier than ever. Investing in the right systems can pay off in the long run.

While smaller accountancy firms might not have the deep pockets of the Big 4, they’ve got something even better: a more personable relationship with their teams. This personal touch lets you understand what benefits your employees truly value and craft solutions that fit their needs perfectly.

By tuning in to what your team wants and offering benefits that genuinely matter to them, you’re not just keeping up with the giants—you’re outshining them. After all, it’s not about having the most expensive benefits package—it’s about having the most relevant one.

Want to know what Accountants really want in their benefits? Download a free copy of our Benefits Cheatsheet for Accountancy Practices. And if you have any questions? Reach out to our public practice experts, Claire Jones who’ll be happy to help.