A recent survey illustrates the increasing importance of benefits as part of the total compensation package required to attract and retain knowledge workers.

While 31% of chief financial officers interviewed in a survey conducted for staffing firm Robert Half International said offering higher compensation than competitors is the most effective incentive for attracting accounting professionals, 20% felt the benefits package had the greatest influence -- up from 1% five years ago.

The findings also suggest traditional incentives are a higher priority today. Although the popularity of benefits surged, the number of financial executives who feel telecommuting and flexible work schedules are the top draw fell 8 points, from 28% in 2003 to 20% in 2008 -- on par with benefit packages.

Survey results further suggest that extended healthcare costs have increased the value workers place on benefits options, and employers need to respond accordingly.

“Companies that do not provide comprehensive employment packages, including competitive compensation and benefits packages, risk losing top job candidates to other opportunities,” said Max Messmer, chairman and CEO of Robert Half International.

Messmer added, “Whether it’s higher salaries and enhanced healthcare coverage or accelerated career-advancement opportunities, employers should determine and effectively communicate what makes their company a great place to work when speaking with prospective employees.”