It used to be that people cared about one thing in a job – money. Job seekers would go to interviews and try to secure the highest possible salary. That meant if a company was set on a talented candidate, they would have to outbid everyone else if they hoped to make the hire.
Make no mistake, today’s professional still cares about compensation. It’s just not all they care about. Millennials, in particular, have become known for valuing much more than pay when looking for the right job opportunity. This shift means employers now have to do more to attract top talent.
After compensation, most job seekers want great benefits. Employers should provide favorable health and dental insurance, a retirement savings plan and ample vacation and sick days. But what other benefits can attract the most talented job seekers?
Many people spend a lot of the money they earn getting to and from work. Buying gas and paying for parking can add up for drivers. And taking public transit five days a week can get just as costly.
It’s common for people to take commuting costs into account when deciding on a job opportunity. If they have an offer that is only marginally better than one from a company that is closer, they can easily conclude they’ll come out ahead selecting the one with the shorter, cheaper commute.
Paying for your employees’ transit passes and parking is a great benefit to offer. You’ll not only have a great perk that can attract candidates who don’t necessarily live close to your workplace. Your company will also take care of what can be a costly expense for the majority of the people you already employ.
It shouldn’t come as a surprise that healthy employees do great work. Studies show that employees who exercise regularly are more productivity, take less sick days and are able to manage work-related stress.
Offering some sort of wellness benefit is a win-win for your company and employees. Your company can help employees take care of themselves by paying for monthly gym memberships, reimbursing them for health-related purchases or even providing fitness classes or equipment in the office. Wellness benefits encourage employees to get and stay in shape, helping your company maintain a productive workforce.
Offering wellness benefits will also help your company’s recruiting efforts. Talented professionals tend to value personal health and will be drawn to a company that pays for their fitness expenses. It also shows that your company is a great employer that cares about the well being of its staff.
Everyone has aspirations to grow their career. The majority of candidates who apply for your jobs likely view the opportunity as a launching pad to bigger and better things. They hope if they do great work, they’ll eventually get promoted and rise up the ranks in your company.
But the sad reality is few companies actually promote from within. It sounds great in theory but it often makes more sense to hire an experienced external candidate than promote a junior team member.
This problem can be overcome by providing benefits that help your employees prepare for career advancement. You can encourage team members to learn new skills on their own time by offering to pay for a certain amount of their education expenses. In today’s day of age, there are numerous online schools, professional conferences and night programs offered by accredited universities that help full-time professionals prepare for career growth.
Similar to wellness benefits, education reimbursement benefits are mutually beneficial for the company and employee. It helps your company build a team of skilled people who are prepared to seize opportunities when they arise.
According to Deloitte’s 2017 Millennial Survey, young people value job opportunities that allow them to work remotely and choose their own hours. This might sound like a big ask to some but it has actually never been easier to work closely with others from afar, thanks to technological advancements.
It’s becoming increasingly common for companies to do completely away with an office and have everyone work from the comfort of their homes. However, that approach is not right for every company. A solid middle-of-the-road solution is to allow employees to work from home as needed or select the work hours that are best for them. This is especially beneficial for parents who may need to stay home with a sick child or leave in the midafternoon to pick their kids up from school.
You can also consider allowing employees who mostly work on their own to telecommute. It will simplify your recruiting efforts when hiring for those roles since you’ll be able to consider non-local candidates. And you’ll attract talented professionals who value the opportunity to work remotely.