As the war for talent continues to wage on, attraction and retention of skilled team members has become the primary focus of almost every organization out there. It's no secret that there are more available jobs than qualified worker to fill those roles, and with such fierce competition for talent, firms are doing everything imaginable to position themselves as an employer of choice. So what exactly are employers doing to up their game in an impactful way? As you can imagine, providing stellar benefits is at the core of any job offer, but there's much more to it.
A Glassdoor study notes "research shows that competitive perks can be enough to sway applicants away from higher paying jobs." Beverly Beattie, CEO & Founder of Selden Beattie, confirmed this line of thought by saying that "standard benefits like health, dental and vision have become table stakes when prospective candidates look at joining an organization."
Here are a few top ways employers are upping the ante:
1.) Flexible Work Hours: “A study by Fractl reveals that flexible hours can influence 88% of respondents to choose a job that offers a lower salary over an opportunity with a higher salary but a fixed schedule. In fact, according to Harvard Business Review, after health insurance, a flexible schedule is the top requested benefit.”
2.) More/Unlimited Vacation Time: 80% of Respondents in a Harvard Business Review said they would take a lower-paying job with more vacation time over a higher-paying job with less vacation time
3.) Retirement Benefits: “According to a report by Merrill Lynch, the total cost of retirement is over $730,000! So, it should come as no surprise that offering a retirement plan can strengthen your employer brand and increase the number of applicants. A SHRM survey revealed that 90% of companies offer a traditional 401(k) or similar plan to help employees plan for retirement. Under this plan, the company can offer to match some portion of the employee’s salary.”
4.) Perks & Rewards - A study by Clutch found that "42% of full-time employees have no employee perks at all" and that "more than half (53%) of those who do have employee perks say that those perks give them a better quality of life, meaning that employees value their perks."
5.) Wellness Programs: "88% of CEOs surveyed by Fitbit claim that their company already has a health and wellness program.” What's more, "94% of CEOs believe a health and wellness program is essential to attracting top talent”
It's safe to say that these types of ideas are just the tip of the iceberg when it comes to all the amazing things you can do for your employees. If you're not sure where to start, we recently wrote a post on the importance of mapping your employee experience (EX). By using this type of roadmap, you can better define what your employee value most and how your organization is delivering on its corporate promises.
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