Benefits Are the Best Way to Attract New Employees, But What Comes Next?
We all love those little extras in life. An amazing salary and benefits is great, but these days, it’s not enough to attract the most talented future employees.
Compensation is always the top consideration of employees when looking for a new job. A 2011 Sanofi Survey found over half of employees would keep benefits over a $10,000 pay raise. But let’s say you already offer killer compensation and the best benefits, what are the next steps to take to make your workplace the most appealing?
A new study from staffing agency, Accountemps found that paid vacation time and paid time off was the most important consideration for workers overall. Besides salary, 26% of respondents chose a paid vacation as their top attractor over other considerations in the survey.
A close second in the Accountemps survey was Career advancement, with 25% of employees considering this the most important . For younger employees, aged 18 to 33, this is the most important (33%) aspect of a new job aside from salary.
Company culture is also a huge consideration for employees. In a Hays Canada survey, 10% of people would take a paycut if it meant they could work and ideal job, and almost half (41%) of employees cite culture as the reason for leaving their last job. In the Accounttemps survey, 22% of people ranked culture as the most important factor for choosing a job aside from salary.
Purposeful and Interesting Work
In a different study conducted by The University of Guelph and other partners, millennials and generation Z, ranked purpose of work and interesting work above even salary and benefits as a top consideration when looking for a new job. Better work on those mission statements if you want to attract young talent!
Training and Progression
Not ranking as high, but 10% of respondents wanted professional training and development in their new jobs above anything else. A whopping 76% of generation Y employees would like a personal development allowance at their job, however, only about 20% receive one.
Finally, 7% of workers value off-site work as the most important consideration aside from salary. If possible to be flexible with this, you might want to include it on your job ads!
If you’re looking to attract the best talent, ensure you’re communicating what else you offer besides a competitive salary. Of course, competitive benefits and salary are still the top-ranked factors for people, but this is changing, so it’s important to stay ahead of the curve. Start considering changes now, before your competitors do it first!