What do candidates really look for when searching for job opportunities?
In a job market where the unemployment rate is practically zero, it is now, more than ever, a candidate’s market. What does that mean?
Traditionally, candidates made career decisions based off their interest in good pay and benefit programs. Now, these things are offered by many employers, so candidates need more incentive and information to make the decision of who to work for. Once the decision is made, that company must work harder than ever to retain that employee long-term.
Offering additional benefits and incentives is essential in the retention of top talent in a candidate’s market. This is advantageous for both the company and the employee, who tend to be happier and thus, more productive during their tenure. So, what do candidates want from their Employer of Choice, in addition to good pay and benefits? According to recent research, below are some innovative programs, benefits, and incentives companies are implementing to entice and retain employees.
Potential candidates are looking for a positive Company Culture and companies can provide an environment that focuses on individual recognition, team work, and comradery:
Celebrate employee birthdays
Celebrate work anniversaries to highlight continued service and tenure
Schedule team building events either quarterly, semi-annually or annually
Casual Fridays or Friday happy hour
Recognize employee progress or performance at a company-wide level
Many companies have started offering Non-traditional Incentive Programs, some of our favorites include:
“Bring your baby to work” program to aid in the transition for mother’s returning from maternity leave
Charitable Giving Program to support community involvement
Paid Volunteer Days to promote civic duty
Student Loan Repayment Program to lesson financial burden
On-site Child Care & Urgent Care
Employee Development Programs let employees know their company is invested in their growth and get them involved in the process by implementing some of these tactics:
Strategic Sessions with short-term and long-term goal setting
Leadership Development Programs
By offering employees a Continuing Education Program they are more equipped and confident in their abilities to perform the functions of their job:
Industry Specific Certifications
Conference and other learning opportunities
More and more companies are offering Wellness Programs that focus on the well being of their employees:
Allowance for annual dental cleanings and eye exams
Employers will need to re-evaluate their competitive advantage when it comes to recruiting and retaining top talent. Competitive pay and medical benefits are now an expectation. The goal of most companies is to have positive employee engagement, improved retention, and extended tenure. Companies need to focus on being the Employer of Choice by being more innovative and creative in their benefit programs. A willingness to customize your benefit packages and negotiate on pay will put you on the right path to attract and retain top talent in the candidate’s market. How are you going to upgrade your benefit package in 2019 to be more desired?
At HireLevel, we have implemented several of the programs, initiatives, and benefits offerings within our organization.