In a progressive talent market, higher pay isn’t the only benefit candidates are seeking. Now, you can’t please everyone, but you can make them an offer they can’t refuse. Setting competitive pay rates does ensure your company stays top of mind during the hiring process but an expanded benefits package could bring your candidate across the finish line.
Pay is just one of the many motivators candidates look for when choosing a new job. Other motivators include flexibility, benefits, culture, career growth, meaningful work, and transparency.
The pandemic set into motion the unanimous craving for flexibility. It offered employers a front-row seat to remote work, proving employees are fully capable of being just as productive if not more productive at home.
Candidates are looking to continue seeking this benefit when applying for new jobs. For candidates, flexibility is the freedom to decide where, when, and how they work. This allows them to care for themselves and others, while successfully managing their work duties without fear of consequence or termination.
Many employees’ mental health depends on the availability of a flexible working environment to successfully maintain a work/life balance.
Mental healthcare access is a growing concern for working adults and a non-negotiable when it comes to healthcare benefits. According to Mental Health America, nearly 1 in 5 American adults will have a diagnosable mental health condition in any given year.
Studies and recent trends show that access to mental healthcare is becoming less of a novelty and more of a necessity. EAPs (Employee Assistance Programs) and expanded mental health services are two of the top benefit trends in 2023 according to Complete Payroll Solutions.
Employees are taking back control of their health by demanding mental healthcare be a part of their workplace wellness.
Companies that aim to foster a culture of community and belonging will win over candidates. A study by O.C. Tanner showed that nearly 1 in 3 employees don’t feel fulfilled at work and that makes them more likely to look for another job, leave the organization within a year, less likely to promote the organization, and less inclined to put in effort toward the success of the company.
Below are some great recommendations to build a solid foundation for a sought-after culture in your organization:
- Updating and highlighting your (ESG) Environmental, Social, and Governance and (DEI) Diversity, Equity, and Inclusion plans are great ways for employees to find fulfillment in their work and develop a sense of community.
- Communicating your company’s vision provides shared goals between employer and employee, making your employees feel like they are contributing and part of something bigger than themselves.
- Investing in Employee Resource Groups (ERGs) and employee surveys help drive engagement and collaboration.
- Implementing an employee recognition program helps to incite motivation and instill value.
Upskilling and reskilling are one of the biggest trending topics in the workplace. Successful career pathing strategies are key motivators for attracting and retaining candidates, especially Millennials and Gen Z. These groups have higher expectations for success and accelerated career advancement.
Internal talent mobility programs are a great example of lateral career growth and focus on reskilling employees to advance across different roles within the company.
If your company doesn’t offer career development programs, you can provide access to learning resources like LinkedIn Learning and Coursera, giving your employees the freedom to select their own courses.
In Monster’s Future of Work Global Report, 42% of candidates stated that meaningful work was the most important factor driving their career choice.
Korn Ferry states meaningful work is a job where workers feel fulfilled and valuable – where their day-to-day efforts are both appreciated and connected to something that transcends their personal interests.
Meaningful work varies on your own intrinsic motivators. Korn Ferry states that by identifying individual motivations you can help your employees find meaning in their work through purpose.
Transparency is key especially when it comes to salaries. States like California have already made it mandatory for companies with 15 or more employees to disclose salary ranges. The draw of transparency is that it focuses on mitigating the gender pay gap.
Disclosing information on topics like culture, salary, and demographics helps candidates make an informed decision when looking for a new job. Prior to the DEI movement, companies were looking for a culture fit, but now companies are looking for a culture add, someone that brings a different viewpoint to the table and will ultimately help expand innovation and drive change.
Reimagine your talent acquisition strategy with a staffing firm
The adoption of these trends will help you remain competitive and stay top of mind for candidates as they search for new opportunities. While pay alone isn’t enough anymore, referencing a salary guide to benchmark wages is a crucial factor in attracting talent.
By reimagining your talent acquisition strategy with the help of a staffing firm you increase your chances of finding the right talent for your organization. Recruiters are trained in the art of negotiation and communication. They work with you and your team to understand your workforce and hiring needs and ensure each candidate submittal is a value add to your organization.
For more information on how to remain competitive and attract top talent, reach out to us today.