As an employer, you are likely eager to hire the most talented professionals in the industry, but do you know whether you are offering the most competitive compensation and benefits package? In a fast-changing market it can be difficult to know whether what you’re offering is in line with other employers. Today’s article offers a little helpful insight into what the modern job seeker is looking for from their employers and how you can attract the most influential and hardworking candidates on the market.
Beyond Financial Incentive
Industry-leading job candidates are inevitably going to receive multiple offers from different employers eager to attract them to their team. Many of those job offers are going to be highly competitive financially. While one strategy is to simply outbid the competitors, this isn’t necessarily the best way to win over your ideal candidate. There are a number of other strategies you can try to come out ahead of the competition without financing yourself out of a limited budget. Today’s professionals are looking to work for companies that respect and encourage a strong work-life balance and support a healthy and positive corporate culture. Consider thinking beyond the basic financial incentives with alternative compensation methods such as benefits and flexible work hours.
Designing a Strong Benefits Package
Good health benefits, leave time, life insurance and other benefits are key parts of the compensation package that candidates expect from high-quality employers. Be thoughtful in evaluating what benefits you offer to new and existing employees. There are a wide of group health and dental insurance coverage packages available today and employers are expected to do the research needed to pick the best one. Keep in mind that many services, such as dental and vision, come with coverage gaps or fees that can leave a potential hire looking for more. A commitment to a strong benefits package is seen as a strong sense of commitment to the health and well-being of your employees, which is exactly what employees want from their employers.
Flexible Work Hours
Recent studies show that more than half of employees value quality time outside of their daily work over an increase in salary. Workers who do not feel they are able to balance the demands of work and life are more likely to pursue other employment opportunities. Offering flexible work schedules with flexible start and end times, a four-day workweek, or telecommuting, help to offset the demands and stresses of working the average full-time job. Other incentives include offering paid time off (PTO) rather than traditional sick leave or vacation, allowing carry over of PTO into the next calendar year, allowing employees to take unpaid leave for family or medical needs, limiting requests for employees to work outside of their normal work hours, etc.
Are you confident that your company is offering the best benefits to attract and retain your top talent? Our team of professional recruiters can help you evaluate whether your compensation package is competitive within the industry and help you develop an effective hiring strategy to attract the industry leaders you want on your team. Connect with our ACS Professional Staffing Portland and Vancouver staffing specialists today!