Companies looking to attract new talent need to be attractive to candidates, as well. How do companies differentiate themselves from others to land the best talent? Well, one key factor is an employee-friendly and competitive benefit plan. Every year, we hear about some specific benefits that are high-priority for those seeking new jobs. Let’s take a look at some of the benefits that job seekers are prioritizing in 2023.
Let’s start at the beginning. Why are benefits important to employers? It may seem like these benefits really only help the employees. However, the importance of employee benefits is two-fold. For the employer, benefits make companies competitive and draw in top talent. For employees, great benefits make them feel valued and encourage them to stick around. Overall, determining what benefits you want to offer is a huge decision, because they come at a cost to the business.
Not every employee is looking for the same types of benefits. For some candidates, finding a job with a fair salary and health insurance is more than enough. However, other candidates might be seeking a position with additional perks and very specific cultural events. Regardless, it is important for employers to know what job seekers might want in addition to pay.
Some of the most important benefits for job seekers in the workplace include the following:
The main benefit that employees are looking for is always a competitive salary. Nobody wants to do a job for less money than they can find elsewhere. While there are a lot of factors that go into a competitive compensation package, it is important for employers to do their due diligence to determine what other similar companies are offering for the same type of work.
Salary is often the main consideration for compensation, but it is important to disclose any potential bonus opportunities, as well. And if there are roles that work on commission, spelling out the commission structure will help candidates better understand their earning potential.
While your salary is generally about 70 percent of your total compensation, there are other things that matter, too. The other 30 percent comes in the form of benefits like time off, retirement plans, insurance, paid parental leave, and more.
Paid time off (PTO) is one of those benefits that can really attract candidates to a job. With some companies offering unlimited PTO, a subpar PTO program can be a turnoff for potential new employees.
Retirement plans and insurance are both benefits that people tend to expect a company to offer. If you have the ability to help contribute to retirement plans and cover the cost of some of the health insurance premiums, your business might stand out to applicants.
Paid parental leave is increasing in popularity as society continues to place a higher value on time at home with a newborn baby. Not only are new mothers seeking longer maternity leaves, but fathers are also looking for companies that give them extra time to bond with a new baby and settle into life with a new family member.
Along with benefits, companies may also offer job perks. Some of the most desirable additional perks are things like:
These perks either save employees time and money or offer a better work-life balance. All of these are highly desirable for most candidates.
It might just sound like a buzzword at this point, but company culture is a crucial component of any business for many employees. Your company culture can help draw in top talent, because these valuable employees can see that this is a place where people want to work. For some, a positive company culture comes down to having a supportive boss and team to help when needed. For others, things that lead to excitement and fun may be more alluring.
Potential employees may be seeking a company that offers optional events and company outings to build morale and togetherness. These events can help the team bond and get to know each other in a more comfortable, casual setting. However, not everyone wants to participate in these types of events, so making them optional is a great way to offer them as a benefit for those who are interested.
By developing a culture that is supportive and inclusive, you are showing your employees that you value them, which goes a long way toward retaining the best individuals.
COVID ushered in a new era of remote work. Currently, it seems that the trend is companies are trying to get back into the office more, but candidates are still looking for work-from-home options. In some cases, companies are compromising with hybrid plans that allow employees to work from home on certain days of the week.
Regardless of where the work is getting done, employees are also looking for more flexibility. The 9-to-5 workday doesn’t suit everyone. When businesses are willing to meet an employee’s need for flexible work schedules and hybrid working conditions, they become a more desirable place to work.
For many, one of the most important factors in company culture is the diversity and inclusion initiatives the company has in place. Employers that seek out diverse employees will have a more well-rounded team of individuals with different cultures and perspectives. Often, this leads to a workplace with collaboration and new ideas.
While it would be unrealistic and impossible for employers to share every detail of the business with employees, in 2023, employees are seeking businesses that are more transparent. During the hiring process, candidates are looking for companies that are transparent and communicative. They also want these traits to continue when it comes to promotions, raises, and other important company information.
A company without growth opportunities for employees isn’t going to be a place where people stick around for very long. During the interviewing process, many candidates might ask about the career path that the position they applied for will have over the years. Employers who provide clear opportunities for growth and promotions will be highly desirable for hungry candidates.
Tuition assistance allows employees to finish or earn a new degree to better themselves for the position they are in or may eventually aspire to within the company. Often, this comes in the form of tuition reimbursement, where you apply for courses and your employer pays you a percentage of the tuition back.
Some companies that offer tuition assistance will also require employees to stay with them for a certain period of time after completion of the degree program. Not only does this ensure you are retaining employees for as long as possible, but it also gives you a higher return on investment as a company.
While these are just some job benefit examples, they tend to be the ones that employees are most excited about in 2023. If you are looking for new talent at your Kansas City-based company, contact Spencer Reed today to find the best talent in the area.